A Hopeful Vision

In a small alley behind the main street of Nakuru town, you’ll find a group of young budding traders selling clothes, shoes, printing services, fruit salad, and more. One can walk through this smoke-free passage without fear of being harassed by desperate or drunk hawkers, and customers are never under any pressure to purchase.

These disciplined traders are all part of the Hope & Vision co-operative, awarded ‘Best Managed Sacco in Nakuru’ in 2010, 2011 and 2012, and ‘Best Youth-Run Society in Kenya’ in 2012. Hope & Vision originally started as a funding merry-go-round, but has since grown to over 140 members. There are now plans to offer in-house insurance services and even open a micro-savings bank.

Hope & Vision does not discriminate on the type of businesses it allows to join, but the registration fee is 2,600KSh and members must contribute at least 1,500KSh per month. After a fixed period, members are able to apply for a loan to boost their Nakuru-based venture. There are 10 different loan products on offer with the highest repayment rate being 15%. In some cases, members can borrow up to two times their savings.

A group which has strong principles of friendship and mutual understanding, the Sacco does not demand securities or documents which other financial institutions do. Hope & Vision realise that micro-business owners require something different than what is currently on offer, and are adamant in their belief that businesses grow best when people work together.

With almost 7,000,000KSh (£50,500) lent to members and a 97% repayment rate, Hope & Vision really are an inspirational group of people transforming the micro-finance sector in Nakuru.



[As part of my project in Kenya, I am working directly with Hope & Vision to administer the 10% loans to my entrepreneurs who are successful]