Kilifi County launches Wezesha Fund to support MSMEs

By Robert Mutasi

The Kilifi County government has introduced the Sh200 million Wezesha Fund, a microfinance lending program aimed at supporting micro, small, and medium-sized businesses in the area.

The initiative will be carried out in collaboration with Rafiki Micro Finance and Kenya Commercial Bank (KCB), two financial institutions.

Governor Gideon Mung'aro, speaking to the press after the fund's launch, noted that this represents a significant increase from the previous Sh116 million allocated under the former Mbegu Fund.

"We have agreed with the two banks,KCB and Rafiki, that we are giving out a shilling for every 5 shillings they will give.So instead,as a county we have invested 200 million shillings in this money,"said Governor Mung'aro.

Governor has affirmed that the two banks are capable of giving loans to the residents that are in need of loans up to one billion shillings.

He urges the locals to take loans to start their projects and businesses that will boost their incomes and in turn improve their living standards.

The county president has argued that,as Kilifi County,they have minimized the application procedures since they are representing the citizens in applying for the loans.

"There is no reason for a person from Kilifi to say he/she cannot get money because the county is representing the person,"he said.

The politician has advised the borrowers to use the money on productive activities that will give them profits which will enable them to pay back

Mung’aro has urged the borrowers to ensure they pay the loan at the right time so as to ensure the programme is benefiting others.

The governor stated that in the previous,some people who took Rafiki Fund loans did not pay the loan and that is the reason why the government of the county is engaging to ensure people pay.

As part of the partnership, these banks will offer up to Sh1 billion in loans to qualified applicants, who will be subject to a 4% account management fee for each successful loan disbursement.