More than 15 million Kenyans will benefit from the newly-launched Financial Inclusion Fund.
President William Ruto said the roll out was part of the Government’s plan to supporting Kenyans with products that are responsive to their enterprises.
More commonly referred to as the Hustler Fund, the President said the facility will also liberate people from predatory lenders.
“We are establishing a culture of saving, investment and social security,” he added.
He said the government was keen on creating opportunities for millions of people at the base of the wealth pyramid.
The Government will capitalise the Fund — made up of personal, micro business, SME and start-up loans — by allocating Sh50 billion a year over the next five years.
On Wednesday, the President launched the Hustler Fund Personal Loan product, which enables borrowers to access up to Sh50,000 at an annual rate of eight per cent.
The rest of the Hustler Fund products, the President added, will be launched between January and May next year.
Deputy President Rigathi Gachagua, who was also at the launch of the Fund at the Green Park Terminus in Nairobi, said more affordable credit will promote borrower confidence.
“It will also inject significant amounts of money into productive activities throughout the economy,” explained Mr Gachagua.