Unaitas the fastest growing Financial Institution in Kenya with over 378,000 members by June 2021 is living up to its vision of transforming lives through provision of social economic solutions and creating the right collaborations and partnership for the benefits of our members and the community at large to prosper in leaps and bounds by upholding our founders’ spirit of united at heart, mind and purpose to weave a bigger dream for the whole world with Africa as its footrest.
To realize this dream, we wish to announce to our members, stakeholders and partners of our new partnership with Oikocredit for funding of Kshs 1Billion for growth-oriented enterprises in the trade sector and particularly the agribusiness value chain. Through this funding which forms the Unaitas SME Support Fund, we will be able to support over 5000 MSMEs on the recovery path, especially on the backdrop of the COVID 19 pandemic and also empower a similar number to achieve economic growth. These enterprises include farmers’ groups and cooperatives, individual farmers, farm input dealers and transporters.
All these are members along the food value chain from downstream to upstream right in the farms. By unlocking capital to them, it will enhance economic growth and societal progress to help realize their dreams. While applauding the partnership between Unaitas and Oikocredit at a breakfast meeting held at Safari Park Hotel in Nairobi, the Chairman, Board of Directors at Unaitas, Mr James Kinoro said: “As we launch the Unaitas SME Support Fund together with our partners Oikocredit (who we have partnered for over 20 years), we have the conviction that the fund will propel SMEs into a recovery path and rapid growth. We commit to sustain our business growth through member-focused service delivery.”
Unaitas CEO Mr.Martin Muhoho happily observed that the Sacco was firmly investing in its future noting: “Our members are drawn from farmers & farmers’ groups, salaried individuals, SMEs and CHAMAS. 10% of Unaitas members are youth (below 35 years) with a borrowing of 1.5 Billion. 25% of Unaitas’ Savings account holders are youth, who also contribute to 15% of total deposits.”
Caroline Mulwa, Oikocredit’s Investments Manager East Africa, said: “Unaitas has been a partner of Oikocredit since 1997 when the savings cooperative borrowed USD 370,370. Since then, Unaitas has grown in leaps and bounds, and we are proud to be associated with this growth. From humble beginnings as a tea farmers’ savings and credit cooperative based in Muranga, Unaitas has expanded to include members that are not tea growers as well as small businesses. Their unapologetic focus on smallholder farmers, low income housing and small and medium enterprises, resonates with Oikocredit’s mission of providing financial access to low income households and supporting employment generation. Through this new loan of KES 1 billion, we are determined to drive financial inclusion in an underserved market.
At Unaitas, we will endeavor to remain customer-centric and continue in our journey of investing in cutting-edge technology and remain a great friend and partner while playing our key, supportive and central role in the social economic development of our country through the provision of competitively priced financial products and services.
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to sustainably improve their living standards.
Oikocredit finances 544 partners, with total outstanding capital of € 856.3 million (as at 31 March 2021). For more information: www.oikocredit.coop.