9 January 2013

Kenya: Women Enterprise Fund to Start Loaning Via Phone

Women Enterprise Fund will start issuing loans through mobile phones, CEO Samuel Wainaina has said.

Wainaina said his organisation will adopt the technology to improve the issuing and the repayment of loans.

"The time taken to apply and process a loan takes three months," said Wainaina. "But if mobile phone technology is adopted, it will shorten the period."

Speaking in Kitale, Wainaina warned women groups which have failed to repay their loans to do so.

"Integrity as enshrined in chapter six of the constitution is not only for politicians only, it applies to all Kenyans and defaulters are no exception" he said.

He said most groups who took loans from Kwanza constituency are yet to repay the loans.

Wainaina advised women not to fear taking loans.

The WEF boss advised women to use experts in identifying the best businesses before engaging in them.

He said WEF has sent demand letters saying no single shilling will should be left out to enable the growth of both the organization and the women in the Country.

The locals Wainaina said should embrace agribusiness instead of general agriculture as perceived in the past.

"Let farming not be the farming you have been doing in the past, technology and agribusiness ought to be embraced to practice lucrative business" he said.

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