Twiga Foods to receive Ksh.300M from Hustler Fund at 8% annual interest rate
![Twiga Foods to receive Ksh.300M from Hustler Fund at 8% annual interest rate Twiga Foods to receive Ksh.300M from Hustler Fund at 8% annual interest rate](https://citizentv.obs.af-south-1.myhuaweicloud.com/wp-content/uploads/2021/11/4593/conversions/twiga-thumbnail.jpg)
Suppliers and
customers of Kenyan e-commerce and
food distribution platform Twiga Foods will benefit from Ksh.300
million Hustler Fund loans at lower interest rates to grow their businesses.
President William Ruto on Monday said the
firm’s 140,000 suppliers will access loans from the
soon-to-be-launched fund at an interest rate of 8 per cent instead of 1
per cent per day.
"The 300
million that you lend to your 140,000 suppliers and customers across Kenya. We
are going to make that amount of money available to you so that they can be
able to borrow at lower interest rates and hopefully increase their earnings,”
Ruto said during an opening ceremony for a Twiga Foods distribution facility
at Tatu City in Ruiru, Kiambu County.
The president directed Cooperatives Cabinet Secretary Simon
Chelugui to ensure that the company's suppliers access the Fund at lower rates
when it is launched on Thursday this week.
“CS Chelugui
make sure that the customers of Twiga have access to Hustler Fund and instead
of them borrowing at 1 per cent per day, they should be able to borrow at 8
per cent per year,” said Ruto.
Twiga uses
technology to aggregate demand and streamline logistics in the distribution of
farm produce such as fruits and vegetables to small-scale vendors in city
estates, helping make products more affordable and increasing sales for
vendors.
Founded in
2014, the agri-tech company boasts
of 700 employees and has a network of over 8,000 farmers.
It serves
about 33,000 vendors every month, with an average of seven orders per week per
vendor, and also operates in Uasin Gishu, Embu, Meru, Kirinyaga, Machakos,
Nakuru, and Kiambu counties.
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