United States Agency for International Development (USAID) on Wednesday extended a Sh940 million loan to Musoni Microfinance for small scale farmers, associations, cooperatives, small and medium enterprises and individuals who are seeking to grow their businesses.
The loan is aimed at enabling the microfinance to give access to credit to Kenya’s agricultural sector dealing with cereals, livestock, dairy and horticulture.
The facility is expected to help small scale farmers with; linkages to appropriate markets, quality inputs, supportive services and infrastructure to increase their productivity.
The agreement is set to increase Musoni’s digital lending to marginalized small scale farmers and other SME’s to help improve their livelihoods and food security.
“The agreement we are launching today is one of the many ways that the U.S. government partners with the private sector through agriculture in order to assist Kenya on its journey to self-reliance,” spoke USAID Kenya and East Africa Investment Team Lead Brook Adam.
Munyao said that Musoni had managed to grow into rural areas and offered custom-made products to small scale farmers through a lean operational setup and an innovative credit scoring model through its Kilimo booster product.