Women will now access cheaper loans in a new Government plan aimed at advancing financial inclusion in the country.
President William Ruto said under the remodelled Women Enterprise Fund, women will borrow at a rate of six per cent a year.
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 was speaking on Thursday at the Kenyatta International Conference Center during the re-launch of the Women Enterprise Fund and the launch of the second product of the Hustler Fund.
Te President noted that with more loan products that have shorter repayment periods, the Fund will empower more women and strengthen their financial muscle. He announced that the development of a Sharia compliant product is underway to attend to Muslim consumers.