President William Ruto has announced plans to operationalise the Hustler Fund from December 1, opening a window for small businesses to access cheaper credit.
Speaking in Ongata Rongai, Dr Ruto said the money will be disbursed through the mobile phone applications.
“I have said from December 1 you need to be ready with your mobile phones, so what these people have been charging us I don’t know 200 percent, we’ll bring it down to 10 percent per year,” said Dr Ruto.
President Ruto’s administration has committed to providing loans to small firms such as motorcycle transport operators and women-owned ventures at single-digit interest rates without collateral.
The Sh50 billion annual fund will support micro, small and medium, enterprises (MSMEs).
“Under the Hustler Fund programme, we will lower the interest to below 10 percent per year so you can save and when/if your business fails, after a few years you can get that money and boost your business,” added Dr Ruto.