Upper Manza plans microfinance institution to fight shylock loans

Upper Manza Focus Community Based Organisation (CBO) in Tala has set its sights on establishing a microfinance institution to cushion members from high-interest loans from shylocks.

The CBO, which has grown in membership over the years, is already giving loans through a table banking arrangement.

Speaking at a meeting of members held in Tala on Friday, CBO Chairman Mr Nicholas Kyalo said the goal was to empower members and create employment for the larger community.

"We started as a table banking group but now many people have joined and we are giving out loans to members," said Mr Kyalo.

"Because of numbers we are able to buy land and housing property. At the end, we would like to have a microfinance that will be a game-changer. That will be our goal in 2026," added Mr Kyalo.

He said the CBO will also diversify and establish a computer training centre while seeking partners to develop the careers of the youth from the community.

He said young people need guidance on career pathways and general wellbeing in order to avoid social vices and be useful members of society.

He pointed out that the CBO was not in competition with the government but was keen on partnering with the government to improve the welfare of the community.

The CBO Chairman disclosed that the organisation has implemented various initiatives including water tanks and equipping a borehole with solar panels at a cost of Sh1.4 million.