President William Ruto has stated that 21.8 million Kenyans have borrowed Kes 39.7 billion from the Hustler Fund Kitty so far since its launch last year.
Ruto revealed that Kes 2 billion in savings has been accumulated and Kes 28.75 billion has been repaid.
Speaking during Hustler Fund’s first anniversary on Thursday, Ruto stated that the fund and has effectively fulfilled its primary objective by ensuring Kenyans have access to affordable credit.
Further, Ruto said Kenyans will now be able to borrow more as the fund increases borrowing limits by up to 100 percent.
“Additionally, for those who have demonstrated a commitment to saving, and your savings exceed your loan limit, we will double your credit limit,” he said.
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To make it possible for every Kenyan to have a chance to seek financial credit, the government changed policy from blacklisting debtors to repairing their creditworthiness.
Consequently, 7 million Kenyans were moved from CRB. Now, two million are now active borrowers of the Hustler Fund.
President Ruto said the government will match contributions to borrowers’ long-term savings. “For every KSh2 you save, the government will contribute Kes 1 up to a maximum of Kes 3,000,” he said.
The Head of State said Hustler Fund borrowers will get dividends on their savings at 12 percent every 31st December beginning this year.
He said for phase two of the Hustler Fund, the government will reorganize, register groups and set what they can borrow to between Kes 200,000 and Kes 1 million.
The goal, he explained, is to further boost micro, small and medium-size enterprises to broaden opportunities for the people, alleviate unemployment and eradicate poverty.
