Uwezo, Women Funds merger sparks mixed reactions from kisumu traders

Kisumu,

Tuesday, July 9, 2024

KNA by Hans Okoth

The proposed merger of the Uwezo, Youth and Women Enterprise Funds has caused mixed feelings amongst traders in Kisumu county.

A section of the traders, who are previous beneficiaries of the affirmative action grants have opposed the merger expressing fears about introduction of stringent conditions to qualify for the funds and reducing the number of beneficiaries.

Caroline Awuor, a food vendor at the Uhuru Business Market, often uses the Uwezo Youth and Women’s Fund.

 “With the funds, I have been able to expand my business and hire more workers,” she said. 

But Awour is now worried that the merger might increase loan interest rates and shorten repayment times. “This might hurt my business,” she said.

Awuor suggested that the government and other groups listen to the public and consider ways to keep interest rates low for ordinary people.

On the other hand, Collins Otieno, a charcoal seller at the Market, said he does not know much about the Uwezo Fund. 

“I have heard of it, but I don’t know how it works,” he said. Otieno uses loan apps and M-Shwari to support his business.

The charcoal seller now says more people need to learn about the Uwezo Funds. “They should teach the public about it so that many businesses can get help,” he added.

The Uwezo Youth and Women’s Funds aim to expand access to finance for youth, women, and persons with disabilities, helping them grow their businesses and contribute to economic growth. Most traders rely on these funds, but there is a need for more public education and awareness about how they work.

Meanwhile, even as the Uwezo Funds, Youth Enterprise Development Funds and Women Enterprise Funds folds to form one parastatal, traders like Otieno and Awuor can only hope for better financial education and fair loan terms to support their businesses. 

Courtesy; KNA