President William Ruto has announced an increase in the Hustler Fund loan limit for Kenyans who have consistently borrowed from the kitty launched in 2022.
Speaking during the fund’s first-year anniversary on Thursday, Ruto indicated that those who have borrowed 10 times will have the loan limits increased by 100 per cent.
Those who have borrowed more than five times will have the loan limit increased by 50 per cent.
Equally, those who have borrowed more than two times will have the loam limit increased by 40 per cent.
President William Ruto, DP Rigathi Gachagua and Governor Johnson Sakaja interact with traders during the launch of the Hustler Fund at the Green Park terminus on Wednesday, November 30, 2022.
“1.2 million Kenyans will have their limits increased. Those who have borrowed more than 10 times will have the limit increased by 100 per cent.
“Those who borrowed 5 times will have the limit increased by 50 per cent. Those who have borrowed 2 times will have their limit increased by 40 per cent,” he stated.
On the other hand, he noted that Kenyans who had saved through continuous borrowing from the Fund would also be able to access their savings.
“From today, you will be able to access 30 per cent of your savings and you can go and invest in your business. For instance, those who had saved up to Ksh30,000 can now access Ksh10,000.
“The other 70 per cent will be placed in the long-term savings,” he announced.
However, he added that those who opt not to take out their 30 per cent savings, will have their loam limits revised upwards in the next one month.
Meanwhile, he maintained that the Hustler Fund was one of the biggest economic interventions his administration had come up with.
He explained that many borrowers were previously forced to borrow from other platforms that offered loans at high-interest rates.
“The seven million Kenyans who were condemned under the Credit Reference Bureau (CRB) have been absolved. They are now accessing credit from the Hustler Fund, where there’s no condemnation if they don’t pay on time. One day, we are going to write a book about it,” the President added.
A person using a mobile phone.