Mombasa county assembly speaker Aharub Khatri has urged the executive to roll out county revolving fund to help youth and women.
“Two years have now passed. We have been talking with the governor because there are funds we usually set aside in the budget for the revolving fund, which such groups should be getting. It has not happened for a long time now,” he said.
Khatri spoke on Friday after meeting with members of the Bamburi Kadzandani Boda Boda CBO at the county assembly boardroom.
The speaker said, however, he will push the MCAs to ensure the revolving fund is operationalised.
The revolving fund should have Sh200 million each fiscal year, according to Khatri.
“Many other counties have this revolving fund operational and their youth and women are benefitting,” he said.
The speaker said it is hard for the youth and women groups to go to banks for loans because the banks charge high interest rates.
CUSHION YOUTH, WOMEN
He said the county revolving fund is meant to cushion the youth and women from financial stress.
“If you get loans from banks, you will be working for the banks because all the profit you make you will be giving them. That is why the governments come in to help their people. If it cannot, then there is no need for that government,” Khatri said.
“In the upcountry counties, they do farming because they have farms. That is why farmers benefit from such initiatives from their county governments. In Mombasa here, our farms are the small businesses we have. The farm that we have in the port does not help us.”
Bamburi Kadzandani Boda Boda CBO chairperson Abdallah Okundi said they have been collecting contributions from members and have Sh700,000 in their account.
Humphrey Pembe, the CBO’s assistant chairperson, said boda bodas in Kadzandani ward are the most neglected in terms of development.
He said their biggest challenge has been financial inclusion but thanked area MCA Fatma Kushe, who is their matron, who has been supporting them and trying to get private investors.
“It is through her that we are where we are. We now know where to go for what. It is through her guidance that we now see light at the end of the tunnel,” Pembe said.
The CBO now plans to set up their own office to have a physical place they can operate from.
Khatri boosted their plans with Sh100,000.
The CBO also plans to buy tents and chairs, which they can be hiring out to expand their revenue stream.
“We also have long-term plans to have our own matatu. The matatu will also be used for parcels. That is our long-term plan,” Pembe said.
Kushe said the some of the biggest enterprises in Kenya started small and got support.
“That is why we must also support our youth and women who have good vision,” she said.
The Kadzandani MCA said the
county’s economy is greatly boosted by the micro, small and medium
enterprises.
