President Ruto Unveils Hustler Fund Recovery Strategy
President William Ruto unveiled a government strategy to ensure Hustler Fund delinquents pay their full obligations on Sunday, June 25.
Ruto stated, while attending a church service in Kajiado, that despite encouraging Kenyans to form groups to receive higher Hustler fund loans, no one will be permitted to access the funds if they have outstanding debts from individual borrowing.
Ruto stated that access to the loans would be denied to the entire group if any member failed to repay the initial loans they borrowed individually.
The Head of State added that if the defaulters showed no interest in borrowing funds from the group, he would find another way to corner them and force them to pay the debt.
“I will wait for those who have failed to repay the loan. I’m aware of their location. Some of you believe you can borrow the money on an individual basis and return later to form groups for another loan.
ALSO READ: UDA Postpones Homa Bay Event to Avoid Raila Odinga Clash
“Some individuals are currently in a bind because they must repay the other loan before receiving funding from the Hustler Fund,” he explained.
In addition, Ruto reiterated that his government had sufficient funds to fund all businessmen in the country through the Hustler Fund for small businesses.
He argued that businesses should not struggle as a result of the provision and added that the program was the best option because it did not require Kenyans to provide documentation or collateral before borrowing.
“Why are you struggling when enough money is available to borrow?” The groups have access to a fund for hustlers. If you join forces with nine others, you can obtain the funds and use them to build your businesses. However, you must repay that amount.
“We have money for any businessperson in the nation. I am impressed that Kajiado residents have already borrowed up to Ksh800 million from the Hustler Fund and that more than 70 percent of the borrowers have repaid the money,” he added.
During Kenya’s 60th Madaraka Day, Ruto introduced the second product of the Hustler Fund, which enables Kenyans to access funding through groups and facilitates the growth of collectively-driven competitive market enterprises.
Ruto stated at the time that the Hustler Fund would utilize Chamas and Saccos to help people overcome exclusion and barriers to credit, savings, social security, health insurance, and other socioeconomic amenities.
President Ruto Unveils Hustler Fund Recovery Strategy
HEY READER. PLEASE SUPPORT THIS SITE BY CLICKING ADS. DON’T FORGET TO HIT THE NOTIFICATION BELL FOR MORE UPDATES AROUND THE GLOBE.
