Audio By Vocalize
Kenyan youth are increasingly looking to the blue economy for business and employment opportunities as new financing initiatives aim to unlock the potential of the fisheries sector.
The shift is being driven by private sector players working alongside the government and development partners to bridge the gap between traditional financial institutions and the unique needs of small-scale fishers and processors.
Through the Women and Youth Economic Empowerment in the Fisheries Programme, MicroSave Consulting is collaborating with public and private partners to address systemic barriers that have historically prevented many fishers from accessing formal credit and insurance services.
The programme recently launched the “Financing Fisheries for Growth” report outlines a data-driven roadmap to improve financing for fisheries enterprises and strengthen the country’s blue economy.
Government data presented during the forum shows that about 60 percent of the financing already disbursed under the initiative has reached women and youth.
However, stakeholders say more work is needed to help financial institutions better understand the specific needs of fisheries businesses, particularly emerging areas such as aquaculture and cage farming.
Elizabeth Gathu, Manager of Banking, Financial Services and Insurance at MicroSave Consulting, said unlocking the sector’s full potential will require more than simply increasing access to capital.
She emphasized the need to design financial products tailored specifically to the realities of the fisheries value chain.
“We want to see how we can unlock lending facilities to the young people. But it is not just about capital. We must design financial instruments that match the needs of the fisheries sector so that lenders feel confident investing in it,” Gathu said.
According to Gathu, MicroSave Consulting is working with financial institutions and insurance providers to develop risk management frameworks and service designs suited for youth- and women-led enterprises in fisheries.
Among the partners involved in the initiative are Stanbic Bank and GA Insurance, which are helping develop lending and insurance products tailored to the sector.
The initiative aims to reduce risks associated with fisheries financing while empowering young entrepreneurs to expand their businesses.
Anataria Uwamariya, Director of Business Competitiveness at TradeMark Africa, said the programme is designed to create large-scale economic opportunities for youth, particularly young women.
“We are looking to enhance access to finance for participants, to create over 240,000 jobs at the end of the four-year program,” she said.
The fisheries sector is increasingly being viewed as a high-growth investment area capable of boosting food security, creating jobs and strengthening Kenya’s coastal and inland economies.
With Kenya’s vast water resources including Lake Victoria, the Indian Ocean coastline and numerous inland water bodies, experts say the blue economy holds significant untapped potential.
However, access to financing has long been one of the biggest obstacles for small-scale fishers and processors seeking to expand their operations.
By aligning the needs of fish traders, processors and aquaculture farmers with the lending capabilities of commercial banks and development finance institutions, stakeholders believe the sector can become a major driver of economic growth
Support Independent Journalism
Stand With Bold Journalism.
Stand With The Standard.
Continue
→
Pay via
Secure Payment
Kenya’s most trusted newsroom since 1902
Follow The Standard
channel on WhatsApp
Kenyan youth are increasingly looking to the blue economy for business and
employment opportunities
as new financing initiatives aim to unlock the potential of the fisheries sector.
The shift is being driven by private sector players working alongside the government and development partners to bridge the gap between traditional financial institutions and the unique needs of small-scale fishers and processors.
Through the Women and Youth Economic Empowerment in the Fisheries Programme, MicroSave Consulting is collaborating with public and private partners to address systemic barriers that have historically prevented many fishers from accessing formal credit and insurance services.
The programme recently launched the “Financing Fisheries for Growth” report outlines a data-driven roadmap to improve financing for fisheries enterprises and strengthen the country’s blue economy.
Government data presented during the forum shows that about 60 percent of the financing already disbursed under the initiative has reached women and youth.
However, stakeholders say more work is needed to help
financial institutions
better understand the specific needs of fisheries businesses, particularly emerging areas such as aquaculture and cage farming.
Elizabeth Gathu, Manager of Banking, Financial Services and Insurance at MicroSave Consulting, said unlocking the sector’s full potential will require more than simply increasing access to capital.
She emphasized the need to design financial products tailored specifically to the realities of the fisheries value chain.
“We want to see how we can unlock lending facilities to the young people. But it is not just about capital. We must design financial instruments that match the needs of the fisheries sector so that lenders feel confident investing in it,” Gathu said.
According to Gathu, MicroSave Consulting is working with financial institutions and insurance providers to develop risk management frameworks and service designs suited for youth- and women-led enterprises in fisheries.
Among the partners involved in the initiative are Stanbic Bank and GA Insurance, which are helping develop lending and insurance products tailored to the sector.
The initiative aims to reduce risks associated with fisheries financing while
empowering young entrepreneurs
to expand their businesses.
Anataria Uwamariya, Director of Business Competitiveness at TradeMark Africa, said the programme is designed to create large-scale economic opportunities for youth, particularly young women.
“We are looking to enhance access to finance for participants, to create over 240,000 jobs at the end of the four-year program,” she said.
The fisheries sector is increasingly being viewed as a high-growth investment area capable of boosting food security, creating jobs and strengthening Kenya’s coastal and inland economies.
Stay informed. Subscribe to our newsletter
With Kenya’s vast water resources including Lake Victoria, the Indian Ocean coastline and numerous inland water bodies, experts say the blue economy holds significant untapped potential.
However, access to financing has long been one of the biggest obstacles for small-scale fishers and processors seeking to expand their operations.
By aligning the needs of fish traders, processors and aquaculture farmers with the lending capabilities of commercial banks and development finance institutions, stakeholders believe the sector can become a major driver of economic growth
Follow The Standard
channel on WhatsApp
By Mike Kihaki