By Nelson Musungu, Kisumu
For generations, the waters of Lake Victoria have fed Kisumu. The lake sustains millions, yet for decades the very people who cast the nets and keep the markets alive struggled under the weight of financial exclusion.
Banks considered fishing too risky. Fishermen and women were locked out of credit, forced instead into the hands of middlemen and shylocks who drained their profits. Many lived hand-to-mouth, with no hope of expansion.
Fishing is the backbone of upper and lower Nyanza, employing an estimated population of 2 million people directly and indirectly, yet for years financial institutions have shied away branding the trade too risky.
Today, a quiet revolution is changing that. Fintechs and micro-lenders are stepping into the gap, transforming the fishing trade with fast, affordable, and accessible loans tailored for lake communities.
“Fishing is not just a job here, it’s a livelihood for thousands of families. When others looked away, we saw potential,” ~ Patricia Nalyanya, Manager for Customer Experience, Public Relations and Branding at Demulla.
Demulla, a fast-rising fintech lender with 45 branches, is rewriting that narrative. The financial institution has begun actively funding fishermen and women, filling a gap that traditional lenders have long ignored.
“Fishing is not just a job here, it’s a livelihood for thousands of families. When others looked away, we saw potential,” said Patricia Nalyanya, Manager for Customer Experience, Public Relations and Branding at Demulla.
From repairing boats and buying new nets to stocking fishmongers’ stalls, the trade demands constant investment.
Without formal financing, many fishermen were forced into the hands of exploitative middlemen and shylocks. Demulla’s solution is fast, paperless loans accessible instantly via mobile phone once a client is onboarded. Disbursements now take minutes, not days.
“We used to rely on shylocks who took most of our profit. With Demulla, I can repair my boat, buy better nets and still provide for my family. For the first time, I feel my work is respected,” said Moses Odhiambo.
Nalyanya said the impact is already visible revealing that in just one year, Demulla has disbursed over Sh30 million in loans to fishing-related businesses reaching boat owners, fishmongers and processors along the lake region.
She said that women who make up more than 60% of the fish trade have become some of the biggest beneficiaries, gaining financial independence and expanding their businesses.
She adds that beyond lending, Demulla delivers financial literacy training through SMS and mobile modules, teaching fishermen and traders how to budget, manage debt, and keep records.
“I used to spend everything I earned. Now I keep records, save a little, and plan to expand my stall,” said Emily Ouma, a fish trader in Kisumu. She noted that the ripple effect is profound reporting that families are more stable, children stay in school and local markets are thriving.
“Every loan here is more than money, it’s an investment in dignity, growth and the future of lake communities,” Nalyanya added.
In addition, Nalyanya reveals that Demulla plans to deepen its reach across the lake region by introducing AI-driven credit scoring, tailored group lending for fishing cooperatives and partnerships to provide modern equipment.
“Fishing is our lifeline. Demulla has helped us dream bigger. Our nets are not just catching fish, they’re catching our future,” said Fanuel Omondi in Mbita.
