President William Ruto on Thursday announced that the government will triple the funds allocated to Women Enterprise Fund.
“I’m announcing today that we are going to triple the resources available under that fund from Sh4 billion to Sh13.5 billion, ” he said.
Ruto noted that the amount of Sh4.5 billion has been stagnant for the past 15 years.
He explained that increasing the amount, will also increase the capacity of women to access the funds.
“By tripling the resources available under that fund, we can also triple the number of women groups that will benefit from this fund because this is the most reliable fund.
President Ruto noted that the Woman Enterprise Fund has a 99 percent success rate, therefore, women deserve what the government is going to do by increasing the amount.
Women Enterprise Fund (WEF) is a Semi-Autonomous Government Agency in the Ministry of Public Service, Youth, and Gender Affairs established in August 2007.
It was established to provide accessible and affordable credit to support women’s starting, and or expanding businesses for wealth and employment creation.
The Women Enterprise Fund was set up by the Kenyan government to benefit women aged above 18 years, meaning any woman can apply, whether she is part of a group or as an individual.
It offers a range of products and services to help empower women in society and improve their income.
In addition, President Ruto said the Women Enterprise Fund will be accessible on the same platform as Hustler Fund.
Ruto said his administration has eliminated financial intermediaries.
“This way we will ensure dignity in borrowing and cut down on the cost of accessing credit,” he said.
To access the WEF, subscribers will use *254#.