Mombasa County Revolving Fund board member Hamza Kombo and Governor Abdulswamad Nassir on Wednesday / BRIAN OTIENO
Mombasa County Revolving Fund board member Hamza Kombo being sworn in on Wednesday / BRIAN OTIENO
Youth, women and persons with disability in Mombasa are set to benefit from a new fund after Governor Abdulswamad Nassir officially inaugurated the board that will oversee its implementation.
The Mombasa County Revolving Fund has been allocated Sh150 million in the 2026/27 financial year, with the county urging entrepreneurs and saccos to apply for interest-free loans to start or expand businesses.
Speaking after the swearing in of board members on Wednesday, Nassir said the fund marks a major milestone in expanding economic opportunities for residents.
"This is a major step towards unlocking opportunity for the people of Mombasa," he said.
The swearing-in signalled the implementation of the Mombasa County Revolving Fund Act, 2026, which establishes a framework for providing affordable financing to youth, women, persons with disabilities, cooperatives and small businesses.
Nassir said the fund is intended to go beyond lending by supporting enterprise development through capacity building, sound governance and responsible financial management.
"Economic transformation begins when people with good ideas have access to the capital they need to grow," he said.
"As the board embarks on its mandate, we will move with urgency to operationalise the fund so that businesses can access financing, create jobs, expand opportunities and strengthen local economy."
Youth representative on the board, Hamza Kombo, said the initiative demonstrates the county government's confidence in young people and their ability to drive economic growth.
He said many young people possess entrepreneurial skills but have lacked access to capital and opportunities.
"This is an opportunity to showcase what we as the youth can do. We thank the governor and other leaders who have shown faith in the youth of this county," Kombo said.
He said the fund will benefit groups including boda boda riders, tuk-tuk operators, beach management units, saccos and micro, small and medium-sized enterprises.
Kombo said the board will serve all eligible applicants equally, regardless of political affiliation, religion, race or tribe.
He, however, urged beneficiaries to use the loans responsibly.
"Do not go and party with the funds," he cautioned, saying the revolving fund is intended to improve livelihoods through economic empowerment.
The board, chaired by Samuel Omondi Okech, held its inaugural meeting on Wednesday to begin developing operational plans.
Among its first tasks will be to develop eligibility criteria, repayment guidelines and other regulations to guide the disbursement of the loans.
"This is a people-driven fund which will make even those at the bottom of the economic pyramid feel they own it. Let us put our personal differences aside and work for the people of Mombasa," Kombo said.
Residents welcomed the fund, expressing hope that it will open up opportunities for young entrepreneurs.
