President William Ruto has said that Women will now access cheaper loans in a new Government plan aimed at advancing financial inclusion in the country.
Speaking on Thursday, March 2 at the Kenyatta International Convention Centre (KICC) in Nairobi during the re-launch of the Women Enterprise Fund (WEF) and the launch of the second product of the Hustler Fund, Ruto said that is a new journey for women to go digital.
He said the idea will get as far as more women and quicken their economic empowerment.
“We have also done away with the financial go-between. This will boost access and check credit costs,” President Ruto said.
The Head of State noted that with more loan products that have shorter repayment periods, the fund will empower more women and strengthen their financial power.
He also announced that the development of a Sharia-compliant product is underway to attend to Muslim consumers.
At KICC, the President communicated the launch of the Individual Micro Loan Product under the Hustler Fund to provide affordable credit to informal businesses.
“The product will be available to hustlers who will be eligible for amounts of between Ksh 10,000 and Ksh 100,000 at an annual interest rate of seven percent,” Ruto said.
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Deputy President Rigathi Gachagua asked the Kenyan women to keep fighting for their political position in the country.
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“You have the necessary skills and energy that we require to move Kenya forward in terms of developments,” Deputy president Rigathi Gachagua said.
During the event, Council of Governors Chairman and Kirinyaga Governor Ann Waiguru said that technology has offered a unique chance to confront the perennial challenge of financial exclusion, especially among women.
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She clarified that the Council of Governors will endeavour to work towards empowering women by ensuring “they are at the centre of our transformation plan”.
At the event in Nairobi, the present were; deputy president Rigathi Gachagua, Cabinet Secretaries, Principal Secretaries, and Governors.
