MOMBASA, Kenya – More than 300 waste recyclers at the Mwakirunge dumpsite in Mombasa will benefit from a financial literacy programme by Equity Bank aimed at improving their business management skills and expanding access to credit.
The initiative is part of the bank’s week-long Endeleza Biashara caravan, which engages customers at their workplaces, assesses their financial needs, and introduces them to available banking services.
Equity Bank Bamburi Branch Business Growth and Development Manager Mary Gatonye said the programme was informed by the challenges facing people who earn a living through collecting and selling recyclable materials.
Gatonye said the bank had identified more than 1,000 people working at the dumpsite, many of whom lacked basic financial management skills and organised systems for growing their businesses.
The training covers budgeting, savings, business profitability and the importance of separating household expenditure from business capital.
“We have realised that these people sometimes use all the money they earn from their businesses on food and medication without saving or adding to their stock. We want to sensitise them on separating household expenses from business expenses and setting aside money for business capital,” she said.
The bank initially planned to train 100 participants but reached 120 during the first session. It is targeting more than 300 participants, with young people, mothers and elderly residents among those attending.
Gatonye said the programme would also encourage participants to form groups through which they could pursue collective economic activities and potentially access financing.
She noted that some waste recyclers had been unable to obtain conventional credit because they lacked collateral, adding that organised groups could provide an alternative pathway to financial inclusion.
The bank is also considering supporting the development of a recycling plant that could create employment opportunities and benefit the wider Mwakirunge community.
Separately, Equity Bank Nyali Branch Manager Adil Maawi said the caravan was promoting digital banking solutions to make financial services more accessible to individuals and businesses.
Maawi said customers could access financing through mobile banking services, including the bank’s Bika product, without having to physically visit a branch to make applications.
He explained that customers could open accounts using their national identification documents, with eligibility for financing determined partly by how they use their accounts.
“The more you use your account, the more you are given limits so that you can access financial services,” he said.
Maawi said digital banking had particularly benefited micro and small businesses by allowing entrepreneurs to access financial services remotely while reducing the need for frequent visits to banking halls.
He added that the shift towards digital services had contributed to increased interest in saving and reduced queues at branches.
However, Maawi maintained that physical banking facilities would remain important because some transactions and customer services require direct engagement with bank officials.
“There are certain services that need a personal touch and one-on-one interaction with your relationship manager,” he said.
The Endeleza Biashara caravan is also being used to gather customer feedback and identify ways through which the bank can improve its services and support business growth.
