. . . encouraged to save

THE Affirmative Action Group women’s desk has encouraged women running small to medium enterprises (SMEs) to embrace savings and credit cooperatives (SACCOs) that could help them create a credit history that can be used as collateral to access money from financial institutions.

SACCOs are generally community groupings set up by people who want to financially support each other through a revolving fund while promoting a savings culture.

At a recent workshop jointly hosted by AAG and the Ministry of Women Affairs, AAG women’s desk provincial chairperson Mrs Pauline Chiripanyanga said SACCOs had the potential to help reduce poverty in both rural and urban areas.

“We are encouraging women who are into entrepreneurships to formalise their businesses to enhance their chances of accessing funding to grow their projects,” said Mrs Chiripanyanga.

“The formation of these societies will enable members to easily access loans from within the SACCO and commercial banks.

“These cooperatives have a role in poverty alleviation and sustainable national development.”

Mrs Chiripanyanga said most women hesitated to formalise their businesses for fear of incurring tax obligations.

She urged women to venture into male-dominated sectors such as mining, agriculture and manufacturing.

Women who attended the workshop hailed the initiative for helping enhance their knowledge in running businesses.