It is all systems go for the much awaited grassroots women cooperative. GROOTS Kenya held a pre-cooperative education with 25 grassroots women delegates nominated from Nakuru, Laikipia, Kakamega, Kiambu, Kitui and Nairobi. The delegates endorsed the name,agreed on entrance fee, minimum share capital,minimum deposit, elected interim officials among other things.
GROOTS Kenya has for the last three years had discussions and been in consultations over an appropriate financial vehicle for the over 60,000 women in the movement. In preparation for the set up of a cooperative, GROOTS Kenya introduced the women in the movement to several credit and loaning facilities suited to their specific needs. These facilities included table banking, Village Savings and Loan Association(VSLA), Community Resilience Fund(CRF) and Revolving Seed Fund. Using these, grassroots women were able to save money and borrow loans at low interest rates. The Revolving Seed Fund was a fund set up a local bank where the women could access higher loan amounts from the bank without having to provide any security or collateral. This enabled the women to interact with commercial loans.
From their table banking, the women have been able to save millions of shillings with women in Nakuru county alone having saved upwards of Ksh. 24,000,000. GROOTS Kenya saw the need to have a financial vehicle that would bring on board all the women in the movement and provide a space for women to access larger loan amounts at flexible and affordable rates.
We are grateful to the Ministry of Cooperative Development for facilitating this process.participants at the GROOTS SACCO pre-cooperative education day