According to a new government initiative to increase financial inclusion, women will now have access to more affordable loans.

PHOTO | COURTESY President William Ruto left gifting Public Service CS Aisha Jumwa

According to President Ruto, women could borrow money from the revamped Women Business Fund at a six per cent annual interest rate.

He claimed the action would increase the number of women it reaches and hasten their economic empowerment.

In contrast to the past, when processing took 45 days, the loans will be accessible immediately.

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"We have also got rid of financial middlemen. According to the President, this will increase access and lower loan costs".

He addressed the crowd on Thursday at the Kenyatta International Convention Centre (KICC) during the Hustler Fund's second product launch and the Women Enterprise Fund's relaunch.

The President said the Fund would empower more women and provide them with more significant financial clout if offered more loans with shorter repayment terms.

He declared that efforts exist to create a product that complies with Sharia law for Muslim customers.

According to the President, the Hustler Fund's Individual Micro Loan Program was introduced at the same time to offer affordable loans to unregistered enterprises. The product would be made available to hustlers who qualify for amounts ranging from Sh10,000 to Sh100,000 at a seven per cent annual interest rate.

PHOTO | COURTESY Women to access cheap loans in Ruto's government

Deputy President Rigathi Gachagua, Cabinet, Senior Secretaries, and Governors attended the event.

Gachagua urged women to continue the battle for equal access to political power in the nation. "You have the necessary abilities and vigor that we need to advance Kenya," he remarked.

Governor of Kirinyaga and Head of the Council of Governors Anne Waiguru stated that technology had provided a rare opportunity to address the ongoing issue of financial exclusion, particularly among women.

She stated that by putting "women at the centre of our transformation plan," the Council of Governors will try to empower women.

Embu Governor Cecily Mbarire said that while there has been progressing in empowering women, there is more work to be done.

She argued that additional leadership possibilities were needed, particularly in the political and economic spheres.