In a bid to boost entrepreneurship and create self-employment opportunities, the county government of Kilifi has injected over 200 million shillings into micro and small enterprises. This initiative, spearheaded by Governor Gideon Mung’aro, aims to spur economic growth and empower local businesses.
The cornerstone of this initiative is the re-launch of the Wezesha Fund, a program designed to provide financial support to budding entrepreneurs. Governor Mung’aro announced that since its inception, the fund has disbursed over 320 million shillings to 2,229 groups and 32 cooperatives. This substantial investment has already started to bear fruit, with many beneficiaries reporting significant growth in their businesses.
One of the key features of the Wezesha Fund is its interest-free nature. However, beneficiaries are required to pay a one-time 4% management fee, which is a small price to pay for the immense support received. Governor Mung’aro also revealed ambitious plans to grow the fund to over one billion shillings, further underlining the government’s commitment to supporting local entrepreneurs.
To ensure the success of the Wezesha Fund, the Kilifi County Government has partnered with Kenya Commercial Bank and Rafiki Microfinance Bank. These strategic partnerships are aimed at making the fund more robust and accessible to a wider range of entrepreneurs.
The impact of the Wezesha Fund is already being felt across Kilifi County, with many individuals and groups benefiting from the financial support. By investing in micro and small enterprises, the county government is not only creating employment opportunities but also laying the foundation for sustainable economic development in the region.
