Provincial credit scheme boost for women, youths

 WOMEN and youths in Eastern Highlands can now access loans to start small enterprises through the Eastern Highlands women and youth credit scheme initiated by Eastern Highlands Governor Julie Soso.

Soso has released K2.1 million for the two schemes; K1.6 million is for the women and K500,000 for youths, to be managed by Alekano Savings and Loan Society.

Alekano general manager Reuben Elijah said the credit scheme was a revolving fund where money placed in it by Soso would assist as many women and youth groups as possible. 

“The governor initially funded the scheme with K2.1 million and has indicated she would make annual grants of K800,000 each year towards this scheme,” Elijah said.

“The partnership between the Eastern Highlands provincial government and Alekano Savings and Loan Society is in pursuit of the government’s Vision 2050’s strategic focus on wealth creation through financial inclusion and SME developments.

“To be eligible for a loan, borrowing groups must become members of Alekano Savings and Loan Society as well as be registered with the provincial women and youth offices.”

Elijah said the loan interest would be 6% per annum and for terms ranging from 12 to 36 months.

More than 20 registered women groups from various LLG wards have opened up accounts with Alekano so far and the society expected more to join up.