Risk Sharing Facility Launched in Kakuma to Boost Financial Inclusion

By Turkana correspondent 

Governor Jeremiah Lomorukai, on 4th February 2022, launched a Risk Sharing Facility in Kakuma, aimed at improving financial access for underserved communities, including refugees and host populations.

The initiative, supported by the International Finance Corporation (IFC) and Equity Bank, will enable easier lending to these communities in Turkana West.

Governor Lomorukai emphasised the facility's role in promoting financial inclusion and called for additional support to address water shortages in the region. He highlighted plans to develop the Tarach Dam to tackle water challenges and boost agricultural investment. He also urged partners to back programmes targeting youth and women to reduce unemployment and build economic resilience.

The Governor praised existing initiatives like the Kakuma-Kalobeyei Challenge Fund (KKCF) for transforming lives in Turkana West and stressed the county's potential in livestock and fisheries, calling for further investment in these sectors.

Equity Bank Kenya Managing Director Moses Okoth Nyabanda said the programme was specifically designed for underserved communities. The bank also plans to expand its Equity Afya health facilities in Turkana.

UK Deputy High Commissioner and Development Director to Kenya, Leigh Stubblefield, expressed optimism about the facility's potential and reaffirmed commitment to strengthening partnerships with the County Government. She also highlighted the importance of the Shirika Plan in driving development.

Commissioner for Refugee Affairs John Mburugu commended the World Bank and IFC for supporting financial inclusion, noting that the initiative demonstrates refugees are bankable and can contribute to the local economy.

IFC Regional Director for Eastern Africa, Mary Porter Peschka, described the facility as a groundbreaking global initiative. She thanked Turkana County for its collaboration and reiterated IFC's commitment to fostering business growth in underserved regions.

Deputy Governor Dr. John Erus and County Commissioner Julius Kavita also spoke at the event. Other leaders present included former Cabinet Secretary John Munyes and MCAs Gilbert Topos (Lopur), Eliud Emoni (Kakuma), and Julius Edung (Kalobeyei).

UNHCR's Head of Kakuma Sub-Office Nanduri Sateech and Peter Lolem, who doubles up as the County Liaison Officer for IFC – World Bank Group as well as the Governor's advisor on Partnerships, Intergovernmental Relations and NGO coordination, also attended the meeting.

Senior County officials accompanying the Governor included Deputy County Secretary Joseph Nyang'a, County Executives Dr. Michael Eregae (Finance), Faith Aletea (Lands), Roseline Aite (Trade), Chief Officer for Trade Pauline Tang'arae, and Economic Advisor Dr. Richard Ekai.