The government is set to spend an additional Kes 5 billion in the Hustler Fund Kitty in the 2024/2025 budget to ensure that Kenyans have access to affordable credit.
While reading the 2024/2025 budget in parliament on Thursday, Treasury Cabinet Secretary Njuguna Ndung’u asserted that the move aligns with the government’s agenda of ensuring financial inclusion in the country.
”Accessibility to affordable credit for most Kenyans at the bottom of the pyramid remains a challenge. To address this challenge, the Government is proposing an additional allocation of Kes 5.0 billion to the Financial Inclusion ‘Hustlers’ Fund to scale up access to credit for households and MSMEs,” he said.
The government has also proposed further investments in the Hustler Fund kitty to enhance entrepreneurial opportunities and financial inclusion across various demographics.
This includes an additional Kes 200 million for the Youth Enterprise Development Fund, which aims to empower young entrepreneurs, and Kes 162.5 million for the Centre for Entrepreneurship Project, which is designed to nurture innovative business ideas and startups.
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Similarly, the CS revealed that the government has earmarked Sh1.9 billion for the Rural Kenya Financial Inclusion Facility.
“This facility is intended to expand financial services in rural areas, enabling farmers and small businesses to access the credit necessary for growth and development.”
These initiatives form part of a broader economic strategy that fosters inclusive growth and reduces poverty.
Additionally, he averred that by enhancing financial inclusion and supporting entrepreneurship, the government aims to create a more equitable economic landscape and drive sustainable development.
The ‘Hustlers’ Fund was unveiled in November 2022 by the Kenya Kwanza government to promote inclusivity in accessing affordable credit for Kenyans.
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