Home ECONOMY Household income scheme gets Sh2.5bn UK funding

Household income scheme gets Sh2.5bn UK funding

by biasharadigest
Market News

Household income scheme gets Sh2.5bn UK funding

Tamara Cook
FSD Kenya CEO Tamara Cook. FILE PHOTO | NMG 

Financial Sector Deepening Trust (FSD) Kenya has received Sh2.25 billion (£17.14 million) commitment from the UK to help enhance agriculture value chains among low-income households and improve livelihoods.

The package will also provide funding for programmes that create financing solutions for individual household, small enterprises and infrastructure development.

The facility forms part of a Sh42.05 billion (£320 million) that will scale and initiate new phases of financial market development in nine existing members of FSD network and other high-priority markets, including Ethiopia, Ghana, Sierra Leone, Zimbabwe and the West African Monetary Union, ahead of the UK-Africa Investment Summit.

“UK Aid’s support is a timely opportunity to enhance agricultural value chains, and to link low-income households to trade platforms that can help grow their incomes,” FSD Kenya CEO Tamara Cook said.

FSD previously partnered with government and the private sector for more inclusive finance, by linking Kenyans with financial solutions.

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A FinAccess Household Survey 2019 by FSD Kenya and other partners shows that access to financial access by households in Kenya has improved to 82.9 percent from 75.3 percent in 2016.

This was attributed to introduction of mobile financial services and mobile banking.

“We pledge to broaden and deepen our innovative work across Africa to make money work for low-income families, women, youth, the excluded, and those who need financial services the most,” Betty Wilkinson, chair of the FSD Network Council said.

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