Economic Empowerment

Since 2014 HFAW has promoted individual entrepreneurship primarily for women and a few men by endorsing interest-free loans through www.kivazip.org to 139 first and repeat loans worth $35,000 with over 94% repayment success and tangible business projects. This also earned HFAW a certificate of good performance by kiva. These projects and businesses include but are not limited to brick making, dairy farming, poultry rearing, horticultural products, cereal selling, kiosks and most recently rabbit rearing among other ventures. Financial literacy and mentoring among loan beneficiaries is essential since development research has proven that providing financial assistance to women without also improving financial literacy and entrepreneurship skills, does not necessarily lead to sustained economic improvement. During the trainings, participants learn important topics such as budgeting, saving, debt management and where to get capital for their business among other lessons. In 2016, our first financial literacy training and mentorship benefitted 50 people (mostly women) who are running small businesses having received KivaZip interest-free loans. HFAW ‘s 2017 finance literacy training has reached two groups of women in Borabu Sub-County reaching a total of ……..women.

The idea of coming up with a women’s fund came up after meeting and discussing with women in Kisii on the way forward after kiva interest free loans transitioned from funding individual projects to funding partners. Fundraising strategies towards establishment of this fund were done and sale of T-shirts and walk were identified to be the most viable. The walk was successfully done on 10th October 2016 with the aim of fundraising as well as sensitizing the community about electing leaders of integrity since 2017 is our election year. The fund establishment is one of the synergy in HFAW economic empowerment projects as a source of capital in terms of loans. This Fund has been established. After going through financial literacy, participants knowledge is put into practice in their own projects/businesses. Participants are organized using the ‘Grameen style’ with operating principles inspired by Grameen Bank in Bangladesh, developed by Nobel Laureate Muhammed Yunus. Conversations with the South African Pakhamani inspired us further. The style addresses the needs of the poor by creating a system based on trust, accountability, participation, and creativity. Grameen style is a pro-poor approach to micro-enterprise development that provides credit to the poorest of the poor and with strong client support. Our participant’s are organized in groups of three to five members including a Chairperson, secretary and a treasurer. The members hold monthly meetings where sharing ideas, assessing and improving each member’s project as well as making contribution towards group account. The groups are also attached to a trained field officer who provides continuous technical assistance, identifies the gaps on skills that members require and recommend for expert capacity building among members to improve their projects and businesses. Our first loan disbursement was done to 4 women based on our assessment criteria and readiness. Additional members will receive loans July 19th of every month. Our goal this year is to reach 100 women with loans, finance literacy skills and best practices in agribusiness. Guiding Principles • Voluntary and open membership • Economic participation by member. • Education, training and information • Poverty is in our minds, wealth in our hands • Concern for community in general • Integrity brings prosperity.