Feature: Kenya Women Finance Trust (KWFT)is a member of INAFI Africa
By GEOFFREY IRUNGU
Small scale borrowers are likely to get cheaper credit following the licensing of the second deposit-taking microfinance (DTM) institution — the Kenya Women Finance Trust.
The trust — which will assume the name Kenya Women Finance Trust Deposit Taking Microfinance Limited (KWFT DTM), joins Faulu Kenya which was licensed a year ago.
Another eight firms are waiting for similar licences.
The two institutions can leverage on the cheaper deposits from their customers, a development that should also lead to cheaper credit for the same customers.
KWFT DTM had to raise its borrowings by a massive 49 per cent or Sh1.1 billion to Sh3.3 billion in 2008 in order to continue giving out loans. Read more
Around 1,500 delegates coming from 78 countries attended the Africa-Middle East Summit which was opened last April 7 at the Kenyatta International Conference Centre. The theme of the conference is “Committed to ending poverty”. In the opening ceremony, President Mwai Kibaki of Kenya said that the government is committed to improving the legal and regulatory framework that guides the microfinance industry in Kenya.
He cited the enactment of Microfinance Act 2006 and the SACCO Societies Act 2008 which improve the legal regulatory framework of the microfinance industry in this country. President Kibaki reiterated the important role of microfinance in eradicating poverty through financial inclusion of the poor people.
Other keynote speakers were Princess Maxima of the Netherlands, Queen Sofia of Spain, and Professor Mohammad Yunus all three underscored the need to facilitate access to financial services for the world’s poor to help them improve their livelihood.
At the first day of the conference, INAFI organized an associated workshop titled “Remittances, Microfinance, and Development. Akin Akintola, member of INAFI board moderated the workshop. Main speaker was Leila Rispens-Noel, Senior Advisor of INAFI, and Atiqun Nabi of INAFI Bangladesh/INAFI Asia, and Wakil Adjibi of Vital Finance (Benin) served as discussants. Both Nabi and Adjibi shared their experiences of their respective MFIs in leveraging remittances for development. Rispens-Noel mentioned the role of MFIs in providing remittance-based products and services to migrants and their families. Financial literacy she said is an important tool to help migrants and their families secure their financial future.
Several INAFI member organizations in Africa play important role during the conference as speakers or resource persons. INAFI also participated in the exhibition where they presented the new brochure and corporate house style.
INAFI has new logo and corporate brand! the new look is borne out of the desire of INAFI to promote the network at the national, regional, and international levels in a more effective manner. This new corporate branding effort will enable INAFI to create a common identity, clear vision and mission, and will set it apart from other networks. It also signals the renewed commitment to contribute in alleviating poverty in cooperation with other stakeholders.
The new logo exudes freshness, the colors symbolize the diversity of INAFI membership and yet they blend in harmony. Green, the dominant color symbolizes sustainability. The shape is square which has four equal sides and four equal angles which denote strategic cooperation among its networks based on the spirit of equal partnership and mutual interest sharing the same vision and mission.
INAFI also renewed is website. Please visit www.inafi.org/. In addition, in order to keep pace with the fast changing development in the sector and to promote better links with the member organizations, INAFI just started this new blog which serves as a forum for interactive discussion on relevant topics, news, events, links and other resources. The blog complements our website.
We also would like to announce that INAFI International just moved to a new office. Please see below our new contact address:
The members of the INAFI Board and its executive directors are holding a Board meeting in Nairobi on April 4-5 prior to the Africa-Middle East Microcredit Summit.
The Board meeting provides an opportunity to explore current issues, challenges and concerns about implementing programs of INAFI, and its future direction.
The new logo, brochure, and website of INAFI will also be presented to the members which will serve as backdrop for discussing on how to increase INAFI's visibility and launch effective communication campaign.
A meeting with representatives from Oxfam Novib to discuss the re-start of the EC-funded Remittance project was also successfully conducted. For more photos of the meeting, view our album. Updated, April 5, 2010.
INAFI has been assigned to conduct an associated session with the title "Microfinance, Remittances, and Development: INAFI Members' Responses. The session is scheduled on April 7, 17:45 – 18:45, Room: Tsavo A
Leila Rispens-Noel, Senior Advisor of INAFI International will lead the session. Detailed description of the session can be dowloaded here
Several members of INAFI will be actively participating in the Summit as panelists in various sessions.
1.Mr. Fazle Hasan Abed, BRAC Bangladesh
2.Hon. Soukeyna Ndyiaye Ba, INAFI International
3.Mr. Akin Akintola, Community Development Foundation, Nigeria
4.Dr. Jennifer N. Riria, KWFT
5.Mr. Mwangi Githanga, KWFT
6.Mr. John Mwara Kibochi, Faulu, Kenya
7.Mr. Peter Mugendi, KADET Kenya
8.Mr. Godwin Ehiglamusoe, LAPO Nigeria
9.Mr. Daouda Sawagodo, FCPB Burkina Faso
Please inform and invite your contacts and networks about the associated session.
The trust — which will assume the name Kenya Women Finance Trust Deposit Taking Microfinance Limited (KWFT DTM), joins Faulu Kenya which was licensed a year ago.
