Hustler Fund will boost financial inclusion

President William Ruto interacts with vendors during the launch of Hustlers Funds. [Kelly Ayodi, Standard]

The Hustler Fund is a major boost to financial inclusion and empowerment of majority Kenyans to access credit. The fund also heralds a new era by according all Kenyans an opportunity to contribute to their pension.

The Fund could not have come at a better time especially as small businesses bear the impact of prevailing tough economic conditions. There is no doubt on the need for credit, however, access and cost of credit are two key barriers to majority of MSMEs who need funds to grow their businesses. The ripple effect has been rising unemployment as companies struggle to meet cost of inputs, while lower-income households have been hit by high cost of food. The government's commitment to provide a financial solution that will enable millions of Kenyans contribute towards nation building, is therefore a great way to situmulate social and economic progress. The masterstroke of the fund is perhaps its use of ICT. Technology is an essential driver of economic progress that benefits the country in totality. The internet, mostly accessed via the mobile phone, has opened new revenue opportunities for entrepreneurs, thus enhancing their livelihoods. There are many advantages Mobile Network Operators (MNOs) offer on innovations and financial services such as the Hustler Fund.