KEWOTA COMES UP WITH A NEW BANKING SCHEME FOR ALL FEMALE TSC EMPLOYED TEACHERS, HERE ARE DETAILS ON HOW IT WILL WORK
Wondering what KEWOTA is up to? Well, the Kenya Women Teachers Association is still active although it seems to be “Missing in Action.”
KEWOTA has come up with a new table banking scheme for all female teachers. The association unveiled the program on 7th February 2020 in Baringo County, Marigat Town.
EXTERNAL LINKS WITH RELATED CONTENT
The table banking scheme is meant to prevent Kenyan TSC employed teachers from undue exploitation by money lending institutions.
KEWOTA decided to come to the rescue of female teachers after learning that these female teachers have on several occasions fell for the trap of shylocks and online money lender who end up exploiting them by demanding for huge interest rates on the loan offered.
According to KEWOTA’s communication officer, the table banking scheme shall provide emergency loans to female teachers at affordable interest rates.
WHAT IS TABLE BANKING AND HOW DOES TABLE BANKING WORK?
Table banking is a group system whereby members contribute money on a monthly or weekly basis to a joint group account.
The members can, later on, borrow money from the kitty and act as guarantors for one another.
This, therefore, means that KEWOTA’s table banking members will be required to meet occasionally to discuss the progress of the association such as defaulters, loans issued, interest rate and fines paid.