"The EmpowerHer" Table banking Initiative
LOCATION: Kamser Seka
ABOUT THE PROJECT & TARGET BENEFICIARIES
This project began in 2021 and is currently being done by 100 widows divided in 3 groups.
The Initiative focuses on savings with education. It is about empowering rural widows through
the establishment of table banking groups. Table banking involves pooling financial resources
within a community group enabling members to access small loans for income-generating activities,
savings, and emergency expenses. The primary aim is to enhance the economic empowerment and social
resilience of rural widows by providing them with access to financial services and opportunities
for collective decision-making and support. There are plans underway to create more groups and
add more widows to the program
PREVIOUS ACHIEVEMENTS
- Establishment of 3 table banking groups involving 100 widows.
- Provision of access to financial services such as savings and small loans as well as training by organizations such as Episcopal Relief & Development as well as ADS Nyanza
- Initial steps towards economic empowerment and social resilience among participating widows.
- Improved financial literacy and management skills among widows through regular trainings.
- Greater social resilience through collective decision-making and support within the community.
PROJECT CHALLENGES
- Lack of sufficient funds to support the expansion of table banking groups and provide adequate financial resources for widows' needs.
- Difficulty in sustaining the initiative due to financial constraints, hindering the achievement of long-term goals.
- Managing the risk of defaulters is a significant challenge thus need for risk assessment and management mechanisms so as not to suffer losses.
- Many members of table banking groups have limited financial literacy, which affects their ability to manage their finances effectively and make informed decisions about borrowing and saving.
- Limited funds which can constrain the amount of money available for lending to members. This can limit the impact of the group in addressing the financial needs of its members.
DESIRED OUTCOMES
- Enhanced economic empowerment of the widows
- Improved financial literacy and management skills among widows
- Providing access to small loans for income-generating activities
- Empowering individuals, particularly those in underserved or marginalized communities, by providing them with access to financial services and opportunities for economic growth
- Financial Inclusion by bringing individuals who are excluded from the formal banking sector into the financial system.
- Poverty alleviation by providing members with the means to save, invest, and access credit for income-generating activities. This can lead to improved livelihoods and standards of living for individuals and their families.
- Table banking enables aspiring entrepreneurs to start or expand their businesses. This can stimulate economic growth, create employment opportunities, and contribute to the development of local economies.
