NAIROBI, Kenya, Sept 28- President William Ruto has asked financial institutions to come up with a credit model that will allow small businesses to access affordable loans.
He said it is possible for Mama Mboga and Boda Boda to enjoy low-interest loans the same way big firms do.
The President explained that the Government will underwrite the risks that will come with the new move.
He spoke on Wednesday at a City Hotel in Nairobi during a media briefing by Safaricom, NCBA Bank, and the Kenya Commercial Bank.
“We must think beyond financial inclusion to a more accessible and affordable credit model. That way, small businesses will grow and drive our economy,” he said.
He noted that the Government is not against Credit Reference Bureau listing but its abuse and criminalization.
“We are for a mechanism that instills financial discipline. The current CRB as it is inhibitive; an in-out, all or nothing outfit,” added Dr. Ruto.
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