The Cabinet Secretary (CS) for Cooperatives and MSMEs Wycliffe Oparanya has backed the Uwezo Fund terming it a game changer in ensuring the reduction in unemployment rates and promoting inclusive economic development.
The CS was speaking after meeting the Fund’s board members yesterday where he was briefed on current efforts being considered to enhance effectiveness and transparency of the funding programme to meet the needs of Kenyans at the bottom of the economic pyramid.
“To ensure its efficiency, we will work on introducing a digital system to prevent multiple borrowings, enhance tracking of defaulters and establish a dedicated unit to recover the 58 percent of funds that are yet to be repaid,” the CS said.
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Established in 2013 to address unemployment and poverty among marginalized groups, the fund is an initiative by the government aimed at empowering youth, women, and persons with disabilities by providing access to interest-free loans to help them start or grow businesses.
So far, the Fund has supported thousands of businesses across the country, especially in rural and underserved areas.
It has empowered many beneficiaries by providing capital to grow their businesses, fostering entrepreneurship, and improving the standards of living.
By Vostine Ratemo
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