The government is in the process of restructuring and reengineering the Uwezo Fund to increase its impact on Kenyans’ best interests, Uwezo Fund Oversight Board Chairperson Ann Njuguna has said.
Njuguna said the Fund had enabled countless entrepreneurs to emerge, driving economic activity, creating jobs, and uplifting our communities.
“Our main objective remains unchanged: to empower and promote businesses owned by these target groups, fostering gainful self-employment and economic growth,” Njuguna said.
She said since the Fund’s inception in 2014, the state had disbursed Sh7.5 billion to 82, 246 groups across all 290 constituencies.
“I am pleased to announce that, through the collaborative efforts and the dedication of our beneficiaries, we have witnessed remarkable growth in Entrepreneurship endeavors," she said.
"New businesses have flourished, existing ones have expanded, and employment opportunities have increased. This speaks volumes about the impact of collective investment in nurturing small-scale enterprises.”
Njuguna spoke when she presided over the issuance of Uwezo Fund cheques to groups belonging to women, youth, and persons with disabilities at Tawa town in Mbooni, Makueni County on Saturday. She was hosted by Mbooni MP Erustus Kivasu among other local leaders and government representatives.
She said the Fund has so far benefited 51, 086 women groups, 29, 168 youth groups and 2, 021 groups of persons with disabilities nationally.
“The fund has achieved an average absorption rate of 112.29 percent with Sh1.6 million revolving in various constituencies,” Njuguna said.
Njuguna said the Fund’s sustainability relies on the repayment of loaned funds.
She said the Fund had achieved an accumulative repayment of Sh2.9 million translating to a 42.26 percent repayment rate.
Makueni County according to the chairperson had received a total of Sh157, 664, 943 as allocations from the fund since its inception which has grown to Sh207, 883, 980 through revolving.
She said the Fund had been disbursed to 2, 264 groups and institutions benefiting 1, 821 women groups, 372 youth groups and 71 groups of persons with disabilities, impacting the lives of 41, 429 individuals countywide.
Njuguna said Makueni County had a high absorption rate of 128. 78 percent indicating that allocated funds have been disbursed to groups and repaid amounts have been revolved to support beneficiary groups.
She said the current repayment rate in the county stands at 43.69 percent with Kibwezi East constituency leading at 70.22 percent while Mbooni records a repayment rate of 29.60 percent.
"Today, we are here to issue cheques to groups in Mbooni constituency totaling Sh2, 480, 000 to eleven refined groups (4 youth groups, Sh750, 000 and seven women groups Sh1, 730, 000," she said.
Njuguna said the constituency had cumulatively disbursed Sh32, 430, 000 to 296 groups benefiting 4, 239 individuals of which Sh5, 589, 820 is revolved.
“Let's work together to ensure and continue to uplift the lives of women, youth, and persons with disabilities in our constituency,” Njuguna said.
“As we hand over these cheques, we reaffirm our commitment to the vision of the Uwezo Fund. We encourage prudent utilization of these funds to promote economic growth, entrepreneurship, and self-sustainability,” Njuguna said.
“Moreover, this event holds special significance as we issue cheques to our Uwezo Fund beneficiaries. These cheques symbolise not only financial support but also a vote of confidence in their abilities.
"We believe in their potential to transform their ventures into thriving enterprises that contribute to both local and national economic development,” she added.
As we come together to celebrate this milestone, we are reminded of the resilience exhibited by our local entrepreneurs. Despite facing challenges, they have demonstrated unwavering determination, innovation, and creativity. Today, we honor their success stories that have inspired others to follow suit,” Njuguna said.
Mbooni MP Erustus Kavisu urged all the beneficiaries to make good use of the funds to improve their livelihoods and repay as required.
“The fund is available for all groups so that we can do business, improve livelihoods, educate children and grow. It’s a loan and needs to be refunded,” Kivasu said.
He said some groups who benefited from the funds in 2018 failed to pay an accumulative amount of Sh3 million.
“Some of the groups that defaulted have disappeared, others we know. Refund the money for others to benefit,” Kivasu said.
