The special loan, State House notes, will target 2 million beneficiaries who have demonstrated a strong credit history with the Fund.
The Cabinet on Tuesday, September 17 approved the introduction of a third product of the Hustler Fund loan focusing on the Small and Medium Enterprises (SME) sector.
According to a despatch from the first broad-based Cabinet meeting chaired by President William Ruto, the new product was approved for rollout in commemoration of its second anniversary.
The special loan, State House notes, will target 2 million beneficiaries who have demonstrated a strong credit history with the Fund.
“In commemoration of the Fund’s second anniversary, Cabinet directed the rollout of a third product offering specifically focused on the Small and Medium Enterprises (SME) sector. This new product will initially target the 2 million beneficiaries who have demonstrated a strong credit history with the Fund,” the despatch read in part.
The Cabinet noted that the groundbreaking initiative aims to create a pathway for banking the targeted beneficiaries, further deepening financial inclusion within the SME sector.
During the meeting, the Cabinet members were apprised of the progress made in advancing financial inclusion through the administration’s flagship initiative, formally known as the Financial Inclusion Fund.
“Cabinet noted that, to date, the Fund has disbursed Ksh57 billion to Kenyans, with at least 2 million customers now regular daily borrowers. Additionally, in keeping with the Administration’s pledge to inculcate a culture of saving for posterity, the Fund has successfully mobilized Ksh3.2 billion in savings,” added the despatch.
More to follow…