NAIROBI, Kenya, Nov 30 – President William Ruto has announced that the government will match the savings of Kenyans up to a maximum of Sh6,000 by a half for those who have borrowed at least five times from Hustler Fund.
Speaking during the anniversary of the Hustler Fund in Nairobi, the head of state indicated that this will take effect from Friday.
“We are introducing a dynamic approach to credit limits. For our diligent borrowers, those who have borrowed at least 10 times, we will be doubling their loan limits. This is a reward for their trust and consistent engagement with the fund,” the head of state indicated.
- “Additionally, for those who have demonstrated a commitment to saving: if your savings exceed your loan limit, we will double your credit limit, provided these savings are not withdrawn. We hope this will ingrain a culture of savings and prudent financial management.”
President Ruto stated that the government is introducing a dynamic approach to credit limits for borrowers under the Hustler fund.
“Those who have borrowed at least 10 times, we will be doubling their loan limits. This is a reward for their trust and consistent engagement with the fund,” he said.
The president also stated that the borrower’s credit limit will be doubled to those who have demonstrated a commitment to saving under the hustler fund.
“If your savings exceed your loan limit, we will double your credit limit, provided these savings are not withdrawn. We hope this will ingrain a culture of savings and prudent financial management,” he said.
The Head of State indicated that deploying appropriate financial technologies to meet the people’s needs will bring down barriers to economic participation and financial inclusion.
“The feedback from the public, concerning adequacy of loan amounts, have informed us that people’s needs are diverse and must be addressed as such. Kenyans at the bottom of the pyramid have been able to leverage the Hustler Fund to achieve important goals and meet the needs of their households,” he noted.
He added that the Fund has adopted a patient and supportive approach to repayment and defaulters, because its objective is aimed at deepening the savings culture.
“I am delighted to announce significant enhancements to the fund, designed to further empower our citizens and bolster financial inclusion, “he stated, adding that a unique feature of the Hustler Fund is the allocation of a portion of the loan amount to savings.
“Specifically, 5 percent of every loan is directed towards savings, 70 percent to long-term and 30 percent to short-term savings, “He said.
Ruto affirmed that the fund will make short-term savings accessible to its customers to provide greater flexibility and immediate benefits from customer’s savings efforts.
The hustler fund was launched by President William Ruto in 2022 to provide loans to Kenyans at an affordable interest rate to boost their businesses.
