Six million Kenyans who are regular loan borrowers from the hustler’s fund and usually pay back on time, will have their loan limit increased on Saturday.
The announcement was made by President William Ruto during the Kenya Police Sacco 50th anniversary in Nairobi on Friday.
He also stated that 18 million Kenyans have enrolled for the fund with 14.2 million having borrowed.
“15 million Kenyans have borrowed and 14.2 million are servicing their loans regularly. For the last two months members of the hustler’s fund have also saved 850 million shillings,” President Ruto said.
The President further revealed that the government has so far disbursed over 17 billion shillings. Some 800,000 borrowers are said to have defaulted in their payment hampering their ability increase their loan limit and savings.
“Of those who have borrowed, 800,000 are behind schedule in terms of payment but I am sure they will catch up,” he said.
“We are now building a pool of savings because we are now almost at a billion shillings and it is not yet 3 months,” Ruto added.
The Head of State said his administration is keen to build a sense of savings in Kenya “because development and investment is a function of savings”.
The Hustler’s Fund is one of President William Ruto’s Flagship Project and was launched on November 30, 2022.
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The aim of the fund is to help Kenyans especially ordinary Kenyans to have access to affordable loans and start up small and micro businesses so as to improve their living standards.
To qualify for the fund, one must be a Kenyan Citizen who is 18 years and above, have a valid identity card and have a mobile wallet with Safaricom, Airtel or Telcom.