President William Ruto on Thursday 30th November 2023 graced the Hustle fund’s first-year anniversary where he announced an increase in the Hustler Fund loan limit for Kenyans who have consistently borrowed from the kitty launched in 2022.
Speaking during the event, President 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 while Kenyans who have borrowed more than two times will have the loam limit increased by 40 per cent.
The president made it clear that in total 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.
He assured Kenyans that they will be able to access 30 per cent of their savings and that they can go and expand their businesses. For instance, Kenyans who had saved up to Ksh30, 000 will now access Ksh10, 000.
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.