Chief Officer for Cooperative Development, Hon. Kibet Kurgat, visited Mwaronda Cooperative Sacco in Rhoda Ward to grow the cooperative movement in Nakuru. Accompanied by Sub-county Cooperatives Officer Mr Muchemi, Hon. Kurgat engaged with the cooperative’s members, which has engaged in community-driven development since its founding in 2015.
Mwaronda Cooperative Sacco, chaired by former Rhoda Ward MCA Hon. Timothy Kabutu, has grown to include 48 members who meet every Monday afternoon. The group’s primary mission at inception was to secure land ownership for each member, a goal they have successfully achieved. In addition to land acquisition, the cooperative also engages in table banking, providing soft loans to its members to support their financial needs.
Over the years, Mwaronda Sacco has benefited from various government funds, including the Women Enterprise Fund (WEF) and the Youth Enterprise Development Fund (YEDF). Recently, the group completed the repayment of a loan from Rafiki Bank, showcasing their financial discipline and commitment to growth.
During the visit, Hon. Kurgat introduced two new financial empowerment products launched by Governor Susan Kihika’s administration: the Enterprise Fund and the Cooperative Fund. The Enterprise Fund carries an interest rate of 8%, while the Cooperative Fund offers a more favourable 6% interest rate. Hon. Kurgat praised the cooperative’s repayment discipline, noting that it places them in a strong position to qualify for these new County financial products.
Governor Kihika has allocated Kshs. 50 million for each fund, totalling Kshs. 100 million, aimed at economically empowering Nakuru residents. Nakuru Town West Sub-county Cooperatives Officer Mr Muchemi gave the group detailed information on the requirements for applying for the Cooperative Fund. He also revealed that the group can borrow up to 80% of the value of their assets, further enhancing their growth potential.
Martin Gichinga, an officer from the Office of the Governor, encouraged the members to ensure they are compliant with the fund’s requirements in advance to avoid missing out on these opportunities. He emphasized that these funds are just two of the many initiatives Governor Kihika is using to empower residents economically. He also encouraged the cooperative to recruit more members, particularly the youth and reminded them about the free music recording studio in Bondeni, where aspiring musicians can record their work at no cost.
In addition, the cooperative members requested assistance from the County Government of Nakuru to access the County’s brick-making machine. This resource is available free of charge to organized groups interested in producing building blocks for housing projects.
Hon. Kabutu, speaking on behalf of the members, expressed gratitude to the County Government for their support and lauded Governor Kihika for her visionary initiatives aimed at uplifting the local community.
The visit by Hon. Kurgat and the subsequent discussions have set the stage for further development and empowerment of cooperative societies within Nakuru County, reinforcing the administration’s commitment to fostering economic resilience and growth among its residents.
