Over 150 fish farmers from 10 counties in Kenya have gained access to a Sh100 million credit financing solution aimed at boosting productivity in the aquaculture sector. The program, dubbed AquaFedha, is the first of its kind in Kenya, targeting small and medium-sized farmers struggling with high production costs.
Aquarech, a fish farming platform, has partnered with Equity Bank to provide loans for quality inputs and production equipment. The initiative covers Kisumu, Kakamega, Siaya, Homabay, Migori, Kirinyaga, Busia, Vihiga, Nyamira, and Kisii counties.
Aquarech CEO Dave Oketch said the financing will help farmers shift from small-scale aquaculture to commercial production.
“We enable farmers to transition from 300msq metallic cages holding 800 fingerlings to larger 15-meter circular high-density plastic cages that can accommodate 60,000 fingerlings,” he explained.
The lack of affordable financing has been a major hurdle for fish farmers. Through AquaFedha, loans guaranteed by Aquarech will give them access to better farming equipment and inputs.
Expanding the Blue Economy
Equity Bank Director of Youth and Women Banking, Dr. Silpah Owitch, said the bank will support purchases of engines, hatcheries, cages, and fingerlings.
“We aim to make Kenya self-sufficient in fish production and increase per capita fish consumption from 4kg to 20kg annually,” she stated.
Equity Bank’s Blue Economy Manager, Patrick Nyoike, emphasized a value chain approach.
“We want any fish farmer to walk into our bank and access financing for their venture,” he said.
Kisumu Deputy Governor Dr. Mathew Owili lauded the move as a bold step in closing the financial gap in fisheries.
“This venture empowers local farmers and positions Kisumu as a Blue Economy hub,” he said.
The sector faces challenges like overfishing and environmental degradation, but cage farming offers a sustainable solution. Investments in modern fish bandas, markets, and cooling facilities aim to improve production and market access.
Ogal Beach Management Unit Chairman Moses Owino highlighted the need for quality fish feeds, vowing to extend the initiative to all Lake Victoria beaches.
