Effect of Cooperative Societies’ services on Financial Empowerment of Female Fish Sellers at Kisumu Fresh Fish Market, Kisumu Town, Kenya

Abstract

Cooperative societies' services are important in women financial empowerment. Though there exists a well defined female fish sellers' owned cooperative society at Kisumu fresh fish market, a number of these women still engage in sexual activities to get more fish for sale. This contributes to the spread of HIV and AIDS in the Lake Victoria region of Kenya. HIV infection lowers individual job performance thus affecting the region's economy. Based on this, this study sought to establish effects of cooperative society's services on financial empowerment of the small scale female fish sellers at the Kisumu fresh fish market in Kisumu County. The study area choice was informed by the existence of a functioning cooperative society and strategic location. This study was based on a self conceptualized framework. Studies in this area have not established the magnitude of the effects of cooperative society's services on the financial empowerment of these female fish sellers. Specific objectives of the study were to: determine the effect of soft business loans, value addition and group investments on the ability to settle expenses, establish the relationship between personal savings and the ability to settle expenses, establish the relationship between group purchasing power, market sourcing and the ability to settle expenses. Cross-sectional and correlational research designs were used in this study. A sample of 133 female fish sellers from population of 200 women was interviewed using questionnaires. Business records provided secondary data. Simple random sampling technique was used to select respondents. Frequencies and percentages of responses were established using descriptive statistics, association between study variables were established using correlation analysis while direction and magnitude of effect of the independent and dependent variables were determined using regression analysis. The study findings revealed that personal savings had a positive significant association with the ability to settle expenses (r=0.236, p<O.O1), group purchasing power had a positive significant association with the ability to settle expenses (r=0.234, p<O.O1), market sourcing had a positive significant association with the ability to settle expenses (r=0.201, p<0.05). This means that they all change in the same direction with the ability to settle expenses. Regression results revealed that personal savings (~=0.225, p=0.006) as statistically significant. There existed an insignificant positive relationship between group purchasing power and market sourcing and the ability to settle expenses. It was recommended that access to personal savings services be maximally exploited to financially benefit the respondents. The study findings will be significant in financial empowerment of women, policy making and research furtherance.