Kenya’s economy recognizes the crucial role of cooperatives and micro, small, and medium-sized enterprises (MSMEs) in providing stability in household income generation, especially for young people and women from all backgrounds.
The Cabinet Secretary of Cooperatives and MSME Development, Simon Chelugui, addressing a conference on women in MSMEs and cooperatives in Eldoret, emphasized the importance of women in economic development and social change.
He urged women to take advantage of the value chains that the government is rolling out, particularly in revitalizing the coffee, tea, and dairy sectors by prioritizing the interests of farmers.
Chelugui announced that the government is investing Ksh 500 million in the New Kenya Cooperative Creameries (KCC) Eldoret to promote instant milk and will partner with county governments to ensure that cooperatives, Saccos and MSMEs get the best atmosphere to flourish.
Uasin Gishu governor Jonathan Bii applauded all stakeholders supporting women in business, noting that MSMEs and cooperatives hold great potential for women to engage in value chain activities.
He revealed that the county has 775 registered cooperatives with a membership of over 120,000 members, which have accumulated Ksh 2.3 billion in deposits and have an asset base of Ksh 5.8 billion. Bii said that the cooperative institutions had a turnover of Ksh 1.8 billion in the last financial year.
The governor also announced that the county is committed to enhancing capacity building, adding value, developing infrastructure, and providing affordable financing through the County Inua Biashara Fund targeting the MSMEs.
He emphasized that women entrepreneurs cannot succeed without reliable sources of financing, and the county is working towards ensuring that those registered in cooperatives and groups benefit from financial entities such as the County Inua Biashara Fund, Women Enterprise Fund, Kenya Industrial Estates Fund, and Micro and Small Enterprise Authority.
Bii commended Chelugui for the efforts of the Kenya Kwanza administration in providing the Hustler Fund. This digital financial inclusion initiative has seen more than Sh. 30 billion in disbursement within a few months and has empowered women to take an active role in their businesses.
