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Kenyans Borrowed Over Sh49.5B on Hustler Fund and Other Highlights from Safaricom FY23/24 Results

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Safaricom, Kenya’s leading telecommunications provider, has revealed positive developments in its mobile lending platform, local smartphone assembly, and fibre optic network.

During the announcing of the telcos Full Year 2023/2024 Financial Results at Michael Joseph Centre today, the Telco highlighted:

Hustler Fund Sees KSh 49.5 Billion in Loans Borrowed

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Since its launch, Kenyans have borrowed over KSh 49.5 billion through the Hustler Fund, a government initiative aimed at facilitating access to microloans for small businesses and individuals.

This significant uptake indicates the program’s potential in empowering Kenyans financially.

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Women’s Fund Loans Reach KSh 0.9 Billion

While the Hustler Fund reports a much larger uptake, the Women’s Fund, another government program specifically targeting women-led enterprises, has also seen some traction with KSh 0.9 billion disbursed in loans.

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Locally Assembled Smartphones on the Rise

In a boost to Kenyan manufacturing, Safaricom reports that over 360,000 smartphones have been assembled and sold locally.

This trend highlights a growing domestic capacity for smartphone production, potentially contributing to job creation and a more robust tech ecosystem within the country.

Fibre Optic Network Expands to Homes and Businesses

Safaricom’s fibre optic network continues to expand, reaching 248,000 homes and 59,500 businesses.

This growth suggests a rising demand for high-speed internet connectivity in Kenya, facilitating activities like remote work, online learning, and entertainment streaming.

Safaricom Chief Executive Officer (CEO) Peter Ndegwa noted: “Our commitment to the society remains at the core of our operations.As a result of our various ESG initiatives, we have grown 1.5 million trees, while over 3.5M lives have been directly impacted by our Foundations in the year under review.In line with our commitment to environment conservation we have so far converted 23% of our sites to solar.This is in line with our Net Zero target by 2050.We remain keen to create a sustainable business through decarbonizing our operations and advancing the circular economy.”

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech. Write to me @[email protected]

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