The Kiambu government’s Youth Affairs department has launched a mobile loan sevice called Mobiloan.
Applicants will access it using mobile phone money transfer services. Governor William Kabogo on Wednesday said the county, through its Biashara Fund, has partnered with the Kenya Commercial Bank to make the service possible.
He spoke when he launched the programme at Ndenderu Primary School, Kiambaa subcounty.
Kabogo said the service will allow the youth, women and persons living with disability easy access to money to grow their businesses.
“We remain committed to promoting self-employment through funding innovative ideas and businesses. Kiambu residents will now easily access the Biashara Fund than before,” he said.
Kabogo said his administration is committed at creating more opportunities to small-scale retailers through such initiatives. The county boss urged the youth to apply for loans and use the money responsibly to improve their lives.
Youth executive Machel Waikenda said the platform aims at offering loans to small-scale and micro-medium enterprises. Beneficiaries will repay the loans in one month, at one per cent interest rate.
“We’ll offer small loans of up to Sh10,000 that can be increased to a maximum of Sh120,000 and this has been made easier, as residents will access the loan through their mobile phones,” Waikenda said.
He said the requirements for applicants are that one must be a resident, have an ID card and have a mobile account with KCB.
Waikenda said the county has allocated Sh100 million for Mobiloan. They target 50,000 residents.
“We first target 12,000 residents in the first phase as this is a sub-project of the county Biashara Fund,” the executive said.
