Twiga Foods Suppliers and customers will benefit from Ksh.300 million Hustler Fund loans at lower interest rates to grow their business.
President William Ruto while speaking during an opening ceremony for a Twiga Foods distribution facility at Tatu City in Ruiru, Kiambu County on Monday, November 28 said the Kenyan e-commerce and food distribution platform’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.
Moreover, the head of state directed Cooperatives Cabinet Secretary Simon Chelugui to make sure the company’s suppliers access the Fund at lower rates when it is launched on Thursday, December 1.
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“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 the president.
Nonetheless, Twiga uses technology to cumulative 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.
The agri-tech firm, which was founded in 2014, boasts of 700 employees and has a network of over 8,000 farmers.
Moreover, Twiga serves approximately 33,000 vendors monthly, with an average of seven orders per week per vendor. The firm operatess in Uasin Gishu, Embu, Meru, Kirinyaga, Machakos, Nakuru, and Kiambu counties.
