Co-operatives Cabinet Secretary Simon Chelugui on Monday March 11, 2024 presided over the launch of the Supporting Access to Finance and Enterprise Recovery (SAFER) Project.
This will go a long way in boosting businesses.
Speaking during the launch, the CS termed the project a noble initiative that not only comes at a critical point of economic recovery from the adverse effects of the COVID-19 pandemic particularly for the MSME sector but also building their resilience looking into the future.
“The COVID-19 pandemic not only tested the resilience of our economies but also underscored the vulnerabilities faced by MSMEs,” he said.
He added that access to finance, which was already a challenge for many MSMEs, but became even more elusive in those turbulent times.
According to him, MSMEs have been faced with two key financing obstacles: accessibility and affordability.
The Government launched the Hustler Fund a Flagship Programme of the Government’s Manifesto that has so far gone a long way in realizing financial inclusion for millions of Kenyans who would otherwise be excluded from the mainstream financial system.
SAFER seeks to expand Access to finances, capacity building through training and support to financial institutions and technological innovation exploring partnerships to integrate technology with existing physical bank branches.
Author: Pristone Mambili
A trained Journalist with passion for Radio and online Writing.