William Ruto Tasks Co-Operative Bank to Handle KSh 50b Fund for Hustlers – Tuko.co.ke
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The co-operative bank of Kenya is committed to steering the implementation of the hustlers' fund.
The bank's Chief Executive Officer Gideon Muriuki welcomed President William Ruto's move to create the ministry of co-operatives and SMEs.
Speaking during the launch of NSE Market Place on Tuesday, October 11, Muriuki said the lender is ready to transform the co-operative sector through the KSh 50 billion hustlers' fund.
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Muriuki noted that since the lender was listed on the NSE, its business transformation has touched many lives.
He said the bank transformed the SACCO movement into banking entities, with over 550 Front Office Service Activities (FOSAs).
This saw the lender's asset increase from KSh 83 billion at the time of listing to KSh 600 billion in the current financial statements.
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Muriuki said the lender focuses on the transformation of Micro, Small and Medium Enterprises (MSMEs).
The co-op bank joined the NSE in 2007, at a time when the market dynamics were not favourable.
Muriuki likened the story of Co-operative bank to the bottom-up economic model spearheaded by Ruto's administration.
Ruto noted the stock market had the potential to help the country raise development capital through the bond market and listing of publicly owned companies.
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He asked low-income earners such as mama mbogas and boda boda operators to buy shares in companies listed on NSE.
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Source: TUKO.co.ke
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