Homa Bay boda riders launch Saccos, get Sh40 million from county

Homa Bay boda boda operators have begun accessing finance after establishing Savings and Credit Cooperative Societies (SACCOs) in all wards across the county.

The county government has given each ward Sh1 million as a grant for the riders to undertake their investments. Homa Bay has a total of 40 wards.

The riders have been decrying hardships in accessing funds as most of them reportedly have poor saving culture.

As a means of reversing the trend, Homa Bay riders came together to form groups at the ward level to enable them to pull resources together for economic empowerment.

The saccos were launched by Governor Gladys Wanga.

Each of the wards in the county has a SACCO which is aimed at empowering its members.

The SACCOs are expected to lend members funds for expanding the scale of their businesses.

Wanga said the money was issued after the funds were approved by MCAs.

“The programme is meant to economically empower youths who operate as boda boda riders. Such empowerment is part of the election pledges we made to the youths,” Wanga said.

The governor said the initiative is also aimed at creating more employment for the youth in the county.

She said boda boda is a sector that has employed many people hence boosting it will enhance job creation in Homa Bay.

According to Wanga, her administration prioritises boda boda operators by giving the riders grants because it is the sector that employs many youths in the county.

She told the riders to use the funds prudently to benefit and warned riders of misuse.

Banking institutions were urged to provide financial literacy to the boda boda riders for good management.

“The Sacco will not refund the money to Homa Bay government but members who borrow the money must pay back for continuous growth. Legal action will be prosecuted,” she said.

The chairman of the Boda Boda association in the county Ken Dede, chairman of Homa Bay Sub-county Opiyo Soso and Secretary Collins Okoth said the funds will boost their livelihoods.

“Most of us need funds to start other business ventures but we have been lacking sources. This grant is going to improve our lives,” Dede said.

Soso said the grant will enable them to become entrepreneurs by owning motorbikes.

“Most of us are employed today but this grant is going to offer us an opportunity to buy our motorbikes,” Soso said