• June 18, 2024
  • Last Update June 18, 2024 3:24 PM
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Uptake of credit very low, says PS

Uptake of credit very low, says PS


Sunday, June 9, 2024

KNA by Salome Alwanda

Principal Secretary State Department for Micro Small & Medium Enterprises (MSMEs) Susan Mangeni has decried the low uptake of credit facilities across the country.

Speaking during the dissemination of the fourth Medium Term Plan in Busia town on Friday, Mangeni said that the uptake of devolved credit funds was extremely low in Busia County.

“The Youth Fund has been around for almost 15 years but if you look at the money which has been disbursed in Busia alone is less than Sh100 million,” she said adding that a total of Sh15 billion has been disbursed across the country.

Mangeni added that the Uwezo Fund that has also been in place for around nine years reflects dismally in Busia with only Sh90 million disbursed.

She further said that the Hustler fund that has been implemented for the past one and a half years has seen Sh120 million disbursed in Teso South, Sh110 million to Teso North, Sh150 million to Matayos, Sh100 million to Butula, Sh100 million in Funyula, Sh70 million to Nambale and Sh60 million to Bunyala Sub counties.

“The repayment rate is however good with Teso South standing at 73 percent, Teso North 73 percent, Matayos 78 percent, Funyula 73 percent, Nambale 76 percent, Butula 73 percent and Budalangi 77 percent,” she said.

Mangeni stated that there are about 10,000 Kenyans who borrow at least Sh50,000 daily and the government plans to ensure that they have access to more funds without providing title deeds because they have a good credit score.

“We have to rally the residents of Busia to apply for these credit facilities,” she told the Government Administration officers, adding that the move will help in eradicating poverty and ensure equitable development across the County.

Mangeni thanked the County government for clearing Busia -Korinda road adding that investors will have an easy way of dualling the road to the One Stop Border Post facility.

The Cabinet Secretary for Sports, Youth Affairs and the Arts Ababu Namwamba assured the residents that the government is committed to fulfilling all its campaign promises.

Namwamba added that the government had embarked on the construction of Port Victoria Coastguard facility with a view to enhance security along Lake Victoria and reduce harassment of Kenyan fishermen by the Ugandan authorities.

“We will continue to remind people of what the government is doing at the grassroots level and push for more resources,” he said.

He at the same time reminded government officers to be ambassadors of the Hustler fund explaining that it will save the local residents from exploitation by predatory lenders.

Besides, the CS also said that his Ministry has begun training coaches, referees, technical people under a program for Busia coaches and referees.

“We have already given them certificates and we want more people to come forward and be trained in this program so that they can be agents of unleashing the sporting talent of our young people,” Namwamba said.

Namwamba further said that his Ministry is keen on nurturing sports among the youth through talanta hela programme.

He stated that the Ministry is targeting to establish three sports academies and an athletics training centre in Busia County.

Courtesy; KNA

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