Financial Record Management Skills on Utilization of Women Enterprise Funds in Nakuru East Sub-County, Kenya
Abstract
Despite the establishment of the Women Enterprise Fund (WEF) to promote women’s economic empowerment in Kenya, utilization of the funds remains significantly low. In Nakuru East Sub-County, only about 28% of eligible women’s groups have successfully accessed and effectively utilized these funds therefore the study sought to assess the effect of financial record management skills on the utilization of Women Enterprise Funds among women’s groups in Nakuru East Sub-County, Kenya. The study was grounded on information asymmetry theory, and adopted a descriptive research design. The target population comprised 963 officials (chairpersons, treasurers, and secretaries) drawn from 321 registered women’s groups. A sample size of 91 respondents was determined using Nassiuma’s formula and selected through stratified random sampling across the five wards of Nakuru East Sub-County. Primary data were collected using self-administered semi-structured questionnaires. Data were analyzed using descriptive and inferential statistics with the aid of SPSS Version 26. The study established a positive and statistically significant relationship between financial management record skills and the utilization of women enterprise funds at (β = 0.233, t = 2.877, p = .016), indicating that improved record-keeping positively influences fund utilization. The study recommends that government agencies and WEF officers should provide continuous training and mentorship on bookkeeping and financial reporting. Women’s groups should adopt standardized financial record systems to improve accountability and transparency. Lastly, periodic monitoring and evaluation should be conducted to ensure effective utilization of the funds.
Key words: Women Enterprise Fund, financial record management, women empowerment, fund utilization, Nakuru East Sub-County
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