Table Banking has been a major, and one of the most beneficial programs for KEWOTA members. KEWOTA’s table banking program, introduced by the organization’s leadership, stands as a pivotal tool to assist teachers in managing their finances and overcoming debt challenges. The program operates independently in county chapters, ensuring a tailored and effective approach to address the unique needs of each region.
Since joining KEWOTA’s table banking groups, many members reported breaking free from reliance on shylocks and quick loan apps. Clearing their names from Credit Reference Bureau (CRB) listings became possible, resulting in increased credit scores. This newfound financial independence liberated women teachers from the shackles of high-interest debts, enabling them to focus on sustainable financial growth.
How table banking works: Women teachers form a table banking group and elect their Chairlady, treasurer, and secretary. Groups can be formed by women teachers from the same school, area or county. Table banking groups provide women teachers with a reliable source of income throughout the month, reducing dependence on salaries alone. Members can access small loans at low interest rates during group meetings, fostering better budgeting and savings habits. The interest accrued from these loans contributes to the group’s growth, creating opportunities for further investment.
KEWOTA’s table banking groups have not only ensured financial stability but also opened avenues for additional income. Many members have ventured into side businesses, improving their living standards. The groups collectively invest in various ventures, including land acquisition, cattle farming, and beekeeping. These investments contribute not only to the economic well-being of the members but also to the prosperity of their communities.
Owing to the success of table banking activities, the Kenya Women Teachers Association is set to launch a major ground-breaking savings platform, anchored on table banking. The platform will be launched within the next month and will be rolled out for all KEWOTA table banking members across the country. According to KEWOTA’s financial analyst, groups will be able to earn interest of up to 10 – 14% on their savings. The savings platform will be digitally accessible on mobile phones and laptops, where table banking members will have tools to manage their savings.
KEWOTA is launching this platform in partnership with Zimele, an Asset Management company that provides affordable and convenient savings, investing, and retirement planning solutions.
KEWOTA’s leadership has developed this program as part of KEWOTA’s effort to support members’ financial growth through literacy training and the provision of tools and resources. The platform will be instrumental in the financial growth of the teacher, since it supports a savings culture and earns interest on savings, daily. To access this program, teachers will have to be members of one of KEWOTA’s table banking groups available countrywide.
KEWOTA County coordinators and chapter leaders can open table banking groups for their members in preparation for the launch of the platform.
To get assistance in opening or joining a table banking group, you can contact KEWOTA administrative representative for table banking, through 07842321321 or email us at info@kewota.co.ke.
More about the platform will be announced during the launch.
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This is encouraging, great job done Kewota