FInES reaches out to over 45,000 MSMEs with $58 million

The Financial Inclusion and Entrepreneurship Scaling (Fines) Project continues to make impact to the economic growth of both individuals and the nation. As of May 2024, A total of US$58 million has been disbursed 45,227 MSMES (30,672 women, 8,677 youth and 5,878 men) through 33 Participating Financial Institutions (PFIs) The Ratio of loans from PFIs to women-owned MSMEs 37% out of target of 40% while Ratio of loans from PFIs to youth-owned MSMEs 14% out of the target of 20%. 

FinES also continues to impart skills among MSMEs through the three-stage approach capacity building program. A total 1,268 MSMEs have completed stage one of the training, this is against a target of 1,000 MSMEs

FInES project Manager, Ralph Tseka describes the project as a success explaining that the loans have made an impact.

"We have disbursed $58 million from the target of $60 million. It is worth noting that businesses that were almost collapsing have been boosted and have picked up as a result of the lower interest rate loans that we are providing," he said.