Over 467,000 residents benefits from Sh 800M Hustlers kitty

Oct 17, 2023 - 14:41

Vedlight Musungu, Enterprise Development Officer addresses a cross section of women groups drawn from Kisumu County at a Kisumu hotel on Saturday. (Photo Credit: Rolex Omondi).

Kisumu,

Tuesday, October 17, 2023

KNA by Rolex Omondi

Residents of Kisumu County numbering 467,343 have so far benefited from Sh800 million from the Hustlers Fund kitty as of October 10, 2023.

Vedlight Musungu, Enterprise Development Officer, State Department for Small and Medium Enterprises (SMEs), said that the county has registered a positive repayment from the borrowers at 66 percent.

“The seven sub-counties are performing well with Kisumu Central leading the pack in terms of the numbers of borrowers and repayment,’’ Mr. Musungu revealed while addressing a cross section of women groups drawn from the county during a meeting held at a city hotel.

According to statistics he read to the participants, 103,740 Kisumu Central residents borrowed 230 million and posted a repayment of 72.9 percent while 81,444 Kisumu East residents borrowed 140 million with repayment standing at 67.7 per cent.

Kisumu West’s 77,980 residents benefited from Sh130 million disbursement with a repayment rate at 67.2 percent while their Nyando counterparts (60,200) borrowed Sh80 million and posted a 61.4 percent repayment rate.

Some 53,266 Nyakach residents borrowed Sh80 million and registered repayment of 63.6 percent, Muhoroni’s 48,143 residents received disbursements of Sh80 million and a repaid rate is 66.5 percent while Seme’s 42,490 residents borrowed Sh60 million at a repayment rate of 66.1 percent.

Nationally according to Musungu, 21.4 million Kenyans have tremendously benefitted from Sh38 billion disbursed from the kitty as of 16th October.

“The total repayment is Sh27,226,317,928 and the borrowers have saved Sh 1,898,867,780. Total transactions is Sh 50,827,623 and the number of repeat customers is 7,607,059,’’ he clarified with data exclusively shared with KNA.

The meeting convened by the Cabinet Secretary Information, Communications and the Digital Economy, Eliud Owalo made a clarion call to over 500 leaders of registered women groups to form cooperatives to enable them access government funding for starting up in business.

Some of the financing kitties earmarked for groups of youth, women, and persons with disabilities which CS Owalo pointed out include the National Government Affirmative Action Fund(NGAAF), Youth Enterprise Development Fund, Women Enterprise Fund, Uwezo Fund and Hustlers Fund.

“We have sensitised women on the overall economic agenda including fishing, agribusiness, trade and the digital economy that the government has for the Nyanza region and how they can be incorporated in improving the economy,’’ CS Owalo reiterated.

Courtesy; KNA