World Bank to support Kenya’s Hustler Fund

The World Bank has pledged to support the Hustler Fund to lift Kenya's most vulnerable group.The promise was made during…

The World Bank has pledged to support the Hustler Fund to lift Kenya’s most vulnerable group.The promise was made during a consultative meeting between President William Ruto and World Bank Regional Vice President for Eastern and Southern Africa, Victoria Kwakwa at State House in Nairobi.

The Hustler Fund known also as the Financial Inclusion Fund is  a government-driven scheme to provide easy and affordable funding  access to Kenyan citizens through mobile cellphones.

According to a statement on its website, the Kenyan government has provided it with a start-up capital of Kshs  50billion in a bid to make affordable  credit to sections of the  population that have been excluded in the past. 

The Fund lends to  businesses at 8 percent yearly, providing ordinary Kenyans with the  financial ability ”to start or boost their hustles without being   crushed by predatory lenders, shylocks and over-the-roof interest  rates”.

The government is providing this affordable credit in the areas of personal finance, micro loan, SMEs loan and Startup loan.

Ms Kwakwa said the bank will offer the Hustler Fund technical and financial support.

“The bank associates strongly with programs and initiative that empower the poor and most vulnerable. We will bring to the table ways to provide a safety net for these individuals” she said.

Ms Kwakwa said the Bank will also support the country’s programmes against climate change.

President Ruto acknowledged the role the bank had played in the development of the country.

The Kenyan leader called on the Bank to scale up investment in programmes to increase agricultural productivity saying the government was working on the construction of dams and fertilizer subsidies among others.

“We are looking forward to your support in our development agenda,” he said.

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