Ruto To Increase Hustler Fund Limit For 6 Million Kenyans

Ruto announced that the 6 million Kenyans will have their credit limit increased...

Ruto To Increase Hustler Fund Limit For 6 Million Kenyans
President William Ruto speaking at the Africa Prosecutors Association conference in Mombasa in January 30, 2023. /WILLIAM RUTO

President William Ruto has announced that the government will increase the loan limit of 6 million Kenyans who have been borrowing from the Hustler Fund.

Speaking on Friday, February 3 during the 50th Anniversary Celebrations of the Kenya Police Sacco in Nairobi, Ruto announced that the 6 million Kenyans will have their credit limit increased.

This will mean that from Saturday, February 4, they will be able to access more money, some two times more than what they have been accessing.

President William Ruto speaking during the launch of the Hustler Fund on November 30, 2022. /WILLIAM RUTO

“Of the 14.2 million Kenyans, we have identified 6 million Kenyans to increase their credit limit. From tomorrow they will access more money. Some will even access double,” Ruto announced.

He also announced that a credit score system, or financial grade, will be launched for Kenyans to determine how they have been performing while accessing the Hustler Fund loans.

In addition, reviews will be carried out every four months on every registered member of the Hustler Fund before increasing their loan limit.

"We are going to review the credit limit of every member every four months, we will add an additional ceiling for you so that we can grow everybody and we can look at everybody, and end of this month, every borrower on the Hustler Fund will be assigned a financial grade," he added.

“The financial grade will determine if you are good or if you need to increase the credit. You will be explained why you are at the grade you are at."

At the same time, the Head of State announced plans to roll out a hustler fund for Saccos that will give different registered groups the freedom to borrow low-interest loans.

“By the end of this month, we will launch the microcredit  Hustler Fund where Saccos can also join and borrow money for members so that we can grow the number of people benefiting from the fund” he detailed.

The fund has attracted over 18 million Kenyans who registered on the platform. Of this, 15 million Kenyans had taken loans worth Ksh17 billion.

President Ruto added that from the Ksh17 billion loans taken, some 800,000 Kenyans were behind schedule on their loan repayments.

"800,000 of them have challenges because they have exceeded the time they were supposed to pay, but we are confident that because the time for them to pay has not lapsed, they will catch up with the 14.2 million who are servicing their borrowing regularly," he noted.

A person using a mobile loan app. /KENYAN WALLSTREET