By Arasha Soila
Nairobi, Kenya: Kenya’s President, William Ruto, recently launched the second phase of the Hustler Fund which will reach micro-enterprise owners. Speaking during the International Women’s Day celebrations at the KICC, Ruto said that this new move is to ensure that more women are included and brought on board on the digital platforms and increase women’s empowerment.
He announced that the remodeled women’s enterprise fund women will now offer additional funds. He continued by stating that he has tripled the resources available under the Women Enterprise Fund from Ksh 4.5 billion to 13.5 billion so as to increase the number of women groups benefitting from this fund. Under the new government, new improvements have been put in place to ensure the effectiveness and efficiency of the Women Enterprise Fund kitty. Among those measures is the elimination of intermediaries who acted as barriers to women who wanted to access these funds.
“We will eliminate intermediaries and bureaucracy so that women groups can access money directly from the women’s enterprise fund kitty,” said President Ruto. The loan will now be easily accessible unlike in the past when borrowers had to wait for 45 days for processing.
Ruto also noted that the remodeled Women Enterprise Fund will be accessible at a lower interest rate of only six percent per year compared to the hustler fund. The loan will be accessible from the same platform used to access the hustler fund by dialing *254#. One has to be a member of a women’s registered group and provide the necessary details to be able to access the funds.
The President also launched the individual micro-loan product which will benefit interested businessmen and women. Borrowers can now be able to access cheaper loans on their phones between Ksh 10,000 and 200,000. “We will use an algorithm that will assess everyone’s business which will determine the money you can be allocated,” he noted. Additionally, he mentioned that the loans will be available in various modes based on the needs of the entrepreneur. The repayment of the loans can be made on periods of one, three, six, and nine months.
Council of Governors Chairman and Kirinyaga Governor Anne Waiguru observed that technology has provided immense opportunities and has provided a great platform to reverse the perennial exclusion of women from public life.
“The innovation and digital transformation has provided opportunities for women and girls in the country to access education using virtual platforms, access information on their wellbeing and a platform to find employment and entrepreneurship opportunities,” she noted.
Waiguru further affirmed that the Council of Governors will remain committed and contribute towards advancing inclusive innovation and technology by making the women’s agendas center staged.
Speaking during the event, Cabinet Secretary for Public Service and Gender lauded the president for his commitment to providing financial and capacity-building support for women through the hustler fund. The CS additionally commended the president for demonstrating the highest level of political goodwill by writing to parliament concerning the two-third gender rule. “There is now ongoing work in parliament to come up with legislation,” she said.
