Speaking on wednesday, President William Ruto directed goverment to see his proposals are affected. He said the treasury cabinet and ICT cabinet will work with them in the financial fin-tech and to focus on credit for small,micro and medium enterprises.
He emphasized on it as the largest opportunity that employ almost 80% of the Kenyan populaton and yet they are being constrained by access to credit. During campaign, Dr. Ruto informed lenders that the cry for SMEs was coming from Kenyans with whom he had interacted with.
They were telling me if they can pay the same interest that the big companies are paying. The president wants a product developed where SMEs can borrow with an inerest rates below 10% daiy.
''I will assign the two cabinet secretaries to work with you in the private sector in order to develop a product where a person from a small background can have access to credit at a single digit rate. He also added that, he wil be willing to work in a public private engagement to mitigate risk that comes with lending,'' said Ruto.
As per the president plan, this will enable kenyans to borrow and double their business as per the economic model bottom up that Mr.President used during his campaigned period. He concuded by saying that hustler funds will also act as security.
Content created and supplied by: Dennisome (via Opera News )
COMMENTS