The firm is intended to finance commercial banks and savings and credit cooperative societies to enable them to chip in to President Uhuru Kenyatta's affordable housing agenda that seeks to bridge the annual 250,000 housing deficit. Currently, the government makes three major deductions - the National Health Insurance Fund, National Social Security Fund and Pay as You Earn (PAYE). Some Sh900 is deducted as NSSF for workers earning up to Sh15,000 per month. Hillary Kipkirui, an administrator earning Sh50,000 at a local e-commerce firm, will have to part with other deductions like Sh6,000 for a bank loan and Sh8,000 for a mobile money loan. A 2kg packet of maize flour is now selling at Sh122, up from Sh86.55 barely four months ago.

Source: The Star April 17, 2019 03:56 UTC