Ruto Increases Hustler Fund Loan Limit By 100 Per Cent
The Head of State revealed that 1.2 million Kenyans will have their loan limits increased.
Marvin Chege 
President William Ruto has announced a 100 per cent increase in the Hustler Fund Loan Limit for Kenyans who have borrowed more than 10 times since the fund was launched on November 30, 2022.
Speaking during the Hustler Fund First Anniversary Celebrations in Nairobi, the Head of State revealed that 1.2 million Kenyans will have their loan limits increased.
"1.2 million Kenyans today 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 between 2 and 5 times will have their limit increased by 40 per cent," he stated.
President William Ruto being taken through how to borrow from the Hustler Fund during its launch on November 30, 2022. /PCS
President Ruto also announced that Kenyans who had saved through continuous borrowing from the Hustler Fund would also 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 stated.
However, he noted that those who decide not to withdraw their 30 per cent savings will have their loan limits increased in the next month.
For instance, if a Kenyan has Ksh20,000 worth of savings, their limit would be doubled from the usual Ksh1,000 or Ksh2,000.
"There is a Kenyan who has saved the most, almost Ksh220,000 in the Hustler Fund. I remember the person had a limit of Ksh5,000 but we will now increase that limit to Ksh50,000 depending on the savings," he announced.
Meanwhile, the President defended the loan project, stating that Kenyans have been getting more avenues for loans through the Hustler Fund since their removal from the Credit Reference Bureau (CRB).
He termed the Hustler Fund project as one of his administration's most important economic interventions for borrowers who had to contend with creditors who offered loans at very high interest rates.
"The 7 million Kenyans who were condemned under the 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.
"This product (Hustler Fund) is sustaining itself with only Ksh12 billion. One day, we are going to write a book about it," he said.
