Kenya president William Ruto has digitised the Women Enterprise Fund (WEF) in a bold financial inclusion drive.

Ruto also unveiled micro-loan product for small business, which is housed under the Hustler Fund.

Hustler Fund is government controlled and lets Kenyan Citizens borrow money through their cell phones and was allocated start-up capital of Kshs 50Billion.

In the case of WEF, Ruto said loans will  “accessed instantly unlike in the past when the processing took 45 days."

“We have also eliminated financial intermediaries. This will boost access and check credit costs,” said the president

under the scheme, women will borrow at a rate of six per cent a year, a move he said will make loans reach more women, and accelerate their economic empowerment.

To ensure total inclusion, the president said a Sharia compliant product is being developed to ensure Muslim consumers are not left out.

In addition, in the case of the micro-loan product, he said: “The product will be available to hustlers who will be eligible for amounts of between Sh10.000 and Sh100.000 at an annual interest rate of seven per cent.”

Kirinyaga governor Ann Waiguru also a guest at the event said technology has offered a unique chance to confront the perennial challenge of financial exclusion, especially among women.

She noted that the Council of Governors will endeavour to work towards empowering women by ensuring “they are at the centre of our transformation plan”.