The Global Give Back Circle (GGBC) officially launched Her Financial Freedom Sacco, a transformative Savings and Credit Cooperative aimed at enhancing financial literacy and empowerment among pastoral women in West Pokot County. This initiative, spearheaded by Caroline Menach, Director of Perur Ray of Hope and Community Lead for GGBC in the county, is strategically designed to confront the challenges women face, particularly those exacerbated by climate change, financial constraints, and limited educational resources.
Menach asserted that this Sacco would decisively bridge the gaps for rural women by providing essential access to loans and vital knowledge about business ventures. This empowerment is critical for achieving greater independence.
The Her Financial Freedom Programme currently boasts 650 registered members, with ambitious plans to recruit even more participants. Menach encourages local women to seize the opportunity to benefit from the extensive resources and training the programme offers.
The primary goal of this Sacco is to create meaningful, positive change in the lives of women in West Pokot through targeted development initiatives and a strong culture of saving. The cooperative started with a foundational fund of $50,000, designated for loans at favorable interest rates designed to meet the members’ needs and promote financial security and growth.
“The Sacco launch marks a pivotal advancement in empowering rural women in West Pokot, equipping them with the knowledge and resources crucial for financial stability and growth,” Menach stated.
Linda Lockhart, Chief Executive Officer and Founder of the Global Give Back Circle, announced that the initiative has received support from donor Suze Orman, a well-known advocate for women’s financial freedom in the United States. Lockhart outlined the allocation of the total $50,000 received for the establishment of the Sacco: $30,000 will be used to fund small business loans for women with entrepreneurial experience; $10,000 is set aside for emergencies; $5,000 will cover educational expenses for the most vulnerable children; and the remaining $5,000 will provide stipends for the Pioneer women in the Sacco.
Lockhart emphasized the importance of carefully tracking the Sacco’s success in empowering women in the region. “After one year, we will conduct a thorough evaluation of the impact by assessing the loans utilized by each woman, their outcomes, and how the USD 50,000 allocated to the Sacco has fundamentally transformed lives within the community,” she stated.
Regina Kalcheche, a member of the Sacco, expressed her heartfelt gratitude to the Global Give Back Circle, Perur Ray of Hope, and the MasterCard Foundation for their unwavering support, especially for low-income women like herself who have never had bank accounts or engaged in savings. Regina acknowledged the challenges women face in informal savings groups, often called “Chamas,” and is optimistic that the new Sacco will provide the security and management needed for their finances. This support will ultimately increase their access to bank loans and help their businesses thrive.
