President Ruto Boosts Hustler Fund with Higher Loan Limit
The Hustler Fund was created specifically to assist small-scale traders in the country.
President William Ruto has announced that the borrowing and repayment limits for six million Kenyans who have been borrowing and repaying their hustler loans on time will be increased.
On Friday, the President announced that nearly 6 million Kenyans had been identified among the 14.2 million Kenyans who are properly servicing their loans.
Ruto stated that the majority of loan limits will be doubled, while others will receive an increase of 80% over what they have been borrowing, beginning on Saturday, February 4, 2023.
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He also stated that the credit limit would be raised every four months.
Ruto stated that beginning this month, each borrower will be assigned a financial grade based on their borrowing and repayment history.
During a joint media interview at State House Nairobi on Wednesday, January 4, Ruto stated that those who successfully paid back will benefit, while those with poor credit scores will be penalized and will be able to access the loan at a higher interest rate following the review.
At the same time, the President revealed that at least 800,000 Kenyans had defaulted on Hustler Fund loans.
“Approximately 800,000 are behind schedule in payment, but I am hopeful that they will refund so that I can pay more,” he said.
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He also stated that 18 million Kenyans have registered with the Hustler Fund as of February 3, 2023.
The Hustler Fund was created specifically to assist small-scale traders in the country.
It offers four types of loans: personal, micro business, SME, and start-up.
Kenyans can access the fund by dialing *254# on their mobile phones.
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