Kenya Moves Women Enterprise Fund Services Digital
Kenyan Women will now access cheaper loans in a new Government plan to advance financial inclusion in the country.
President William Ruto said that under the remodelled Women Enterprise Fund (WEP), women will borrow at a rate of six per cent annually.
He said the move will reach more women and accelerate their economic empowerment.
The loans will be accessed instantly, unlike in the past when the processing took 45 days.
"We have also eliminated financial intermediaries. This will boost access and check credit costs," said the President.
He spoke on Thursday at the Kenyatta International Convention Centre in Nairobi during the re-launch of the Women Enterprise Fund and the launch of the second product of the Hustler Fund.
The President noted that with more loan products and shorter repayment periods, the Fund will empower more women and strengthen their financial muscles.
He announced that developing a Sharia-compliant product is underway to attend to Muslim consumers.
At the same time, the President reported 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 Sh10,000 and Sh100,000 at an annual interest rate of seven per cent."©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.