Ministry of Cooperatives Cabinet Secretaries, Simon Kiprono Chelugui was today accompanied by his Trade counterpart CS Rebecca Miano at the launch of a joint World Bank – Government project dubbed Supporting Access to Finance and Enterprise Recovery (SAFER) at a Nairobi Hotel.
Speaking at the launch, the CS voiced his ministry’s commitment to advancing the successful implementation of the SACCO shared services project that will create efficiency and enable smaller SACCOs to access state-of-the-art digital platforms which include access to the National Payment System.
This project is aimed at increasing access to financial services, enhancing capabilities, and supporting the COVID-19 recovery of Micro, Small, and Medium Enterprises (MSMEs) in the Country.
SAFER will not only enhance SASRA’s regulatory oversight but will also enhance the SACCO industry’s ability to efficiently mobilize savings and extend credit to households and their micro and small enterprises.
“The COVID-19 pandemic not only tested the resilience of our economies but also underscored the vulnerabilities faced by MSMEs,” said CS Chelugui in his address.
“Access to finance, which was already a challenge for many MSMEs, but became even more elusive in those turbulent times. MSMEs have been faced with two key financing obstacles: accessibility and affordability,”
The Government launched the Hustler Fund, a flagship Program of the Government’s Manifesto that has gone a long way in realizing financial inclusion for millions of Kenyans who would otherwise be excluded from the mainstream financial system.
Also present during the launch were the Principal Secretaries Mr. Patrick KIlemi and Mr. Abubakar Hassan, World Bank officials, and National Treasury among other stakeholders.