By Jeff Kizzilah
In kenya, almost 70% are unable to access credit and have been locked out.
Ms.Susan Mangeni PS for Medium and Small Enterprises ministry has said that Hustler fund was launched to cusion borrowers who were locked out.
She said government is not and doesn’t have a space to compete or locked other lenders out of business.
Speaking during the 6th Africa CIS Conference theme :Harnessing the Power of Alternative Data” in Mombasa the PS for MSES has request financial organisations to engage the small vulnerable businesses to bring them up.
She added that innovation for small enterprises is key to economic growth.
The conference is coming at an oppotune time when the world economies are seeking credit for individuals and Medium small enterprises at an affordable rates.
She said that financialInclusion famously known as “Hustler Fund” has grown for the last 5 monhhs to correct business failure at the bottom of the pyramid as now almost 19.4million borrowers are benefiting from the HF.
” Everyone is aligning to the growth of the economy and all private sector has woke up to rewrite the market growth as well as providing more opportunities for SMEs “,She said
SMEs 90% of business and 50 percent of the employment worldwide.According to world bank 600million will be needed to create more opportunities in 2023.
The Ps also encourages markets actors to form engagement groups to create more inclusive credit systems.