Sunday, June 23, 2013

Beware of shylocks, Ruto’s wife warns

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Updated Saturday, June 22nd 2013 at 21:38 GMT +3



Deputy president’s wife Rachael Ruto has cautioned upcoming business women to avoid use of shylocks who fleece them of their money.Mrs Ruto said shylocks take advantage of financial needs of women and advance them credits before demanding hefty interests. She said the money lenders frustrate business women by charging them interest rates at as high as 30 to 50 per cent. She challenged women to embrace the new table banking concept as it would enable them engage in small business enterprises, generate income and make savings. “Table banking is a concept where funds are revolved in business ventures. Women can start business enterprises that they can manage, make savings and improve livelihoods,” she said. Mrs Ruto said the concept, which is in the government’s department of poverty eradication was tested as a pilot project and worked successfully in Gatanga and Bondo districts. She was addressing more than 500 women from various development groups in Nandi.

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