NAIROBI, Kenya, June 14 – The government has announced a significant enhancement to the ‘Hustlers’ Fund by an additional Sh5 billion in a move anchored on addressing the accessibility of affordable credit for Kenyans.
Treasury Cabinet Secretary Njuguna Ndung’u, during the reading of the 2024–2025 fiscal year budget estimates in parliament, asserted that the move is in line 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 Ksh 5.0 billion to the Financial Inclusion ‘Hustlers’ Fund to scale up access to credit for households and MSMEs,” he said.
The ‘Hustlers’ Fund, unveiled in November 2022 to provide affordable credit to marginalised Kenyans, has been a cornerstone of the government’s strategy to foster economic inclusion and entrepreneurship.
In addition to bolstering the ‘Hustlers’ Fund, the government has also proposed further investments aimed at enhancing entrepreneurial opportunities and financial inclusion across various demographics.
This includes an additional Sh200 million for the Youth Enterprise Development Fund, aimed at empowering young entrepreneurs, and Sh162.5 million for the Centre for Entrepreneurship Project, designed to nurture innovative business ideas and startups.
Likewise, it 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 focused on fostering inclusive growth and reducing poverty.
The Treasury boss averred that by enhancing financial inclusion and supporting entrepreneurship, the government aims to create a more equitable economic landscape and drive sustainable development.
