Taiwan-run microfinance project assists Kenyans

2014-10-14

A Taiwan volunteer organization’s microfinance project is giving communities in Kenya’s Kajiado and Kitui districts a chance to develop sustainable economies.

Token Knight Club, inspired by Bangladeshi Nobel laureate Muhammad Yunus, is offering loans of US$200 to mainly underprivileged Maasai farmers and women. So far, 23 groups comprising 10-15 people have applied for funding, an amount that can be increased if repayment is made within six months.

Martin Huang, a program co-manager and third-year student from Fu Jen Catholic University in New Taipei City, said the loans might seem small by Taiwan standards, but are considerable sums for program participants given their daily expenses do not exceed US$1.

“Another plus is that our interest rate of 5 percent is significantly lower than the 12-17 percent levied by Kenyan banks.”

The knights comprise university students, teachers and other members from a cross-section of Taiwan society. They raised the lending capital from friends and families before first visiting the East African country during summer vacation this year.

Huang said the Maasai people are traditionally a patriarchal society, and women are often kept from working outside the family.

“But with more and more women starting to make money with our assistance, they have acquired a certain level of economic autonomy,” he said, adding that tribal elders approve of this change and have given the program the thumbs-up.

Echoing Huang’s remarks, Cindy Tsao—a co-manager of the program and fellow English major at Fu Jen—said some of the women use the loans to buy hens and sell eggs to improve the livelihood of their families. “There is no question in my mind that the initiative has helped transform the socio-economic structure of these communities.”

Given the success of the scheme, Huang said the knights established a nongovernmental organization Community Up International to further advance the mission. “We hope to help more people and continue showing the people of Kenya that they have friends who care in Taiwan.”

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=222765&CtNode=413)