David Ndii exposes ‘Kenyatta’ impunity in the SMEs financing revolution

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Economist David Ndii has revealed the impunity involving Kenyatta family at the Micro-Small and Medium size Enterprises(MSMEs) with the recent launch of Wezesha that has now been re-branded Stawi.

According to David Ndii, documents reveal that the Kenyatta family’s plan to take over lending to Small and Medium Sized Enterprises(SMEs).

This follows Central Bank’s press release stating a revolution in the financing of MSMEs.

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Months earlier Ndii revealed that a proposed mobile phone lending platform called Wezesha and described as a “collaborative initiative to bridge the access to credit by micro and small enterprises”, will be managed by five banks under the leadership of the Kenyatta Family-owned Commercial Bank of Africa.

Five banks, namely NIC Bank, Diamond Trust Bank (DTB), the Kenya Commercial Bank and Cooperative Bank under the leadership of the Kenyatta Family-owned Commercial Bank of Africa.

“The platform will offer micro and small enterprises an overdraft facility of up to KSh 50,000, and a loan of up to 12 months with a limit of KSh 200,000. The initiative targets five million sign-ups, and two million users in the first year. How it plans to do this is a frightening demonstration of the workings of state capture in the Uhuru Kenyatta era,”wrote David Ndii.

The Huduma Number initiative is central to the new scheme, and could explain the government’s insistence on rolling out bio-metric Identity Cards.

His first observation was that the contentious Huduma Number initiative features prominently in the scheme. The Huduma Number connection starts with an innocuous statement in a slide (the documentation is a powerpoint presentation) titled “How Customers will Qualify” that ends with a bullet point stating that “customers that don’t immediately qualify can opt into a credit access plan (consumer education).”

How so, is elaborated in another slide titled “Customer Education At Huduma Universal Service Kiosk” complete with the Huduma Kenya logo. Further along, in another slide titled “Functional Schema” a bullet point: “Distribution: An integrated network of GoK Huduma Centres, Bank Branches and agent locations to ‘onboard’ customers and offer information and advice to capital and business opportunities.”

Do you agree that there is an impunity lying in the revolution?

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