Equity Bank has announced plans to set aside KSh. 250 billion to supplement President William Ruto’s financial inclusion fund, commonly known as the Hustler Fund.
According to Equity Group Managing Director Dr. James Mwangi, the money will be available to individuals who will have successfully paid their Hustler Fund dues more than once.
In addition, the loaned amount will be tripled under the Equity lending program, with individuals earning as much as KSh. 150, 000 up from KSh. 50, 000 offered by the Hustler Fund.
“We have offered to scale the Hustler Fund by fivefold to Ksh.250 billion. When one pays (the Hustler Fund loan) two times, we will graduate them to Equity lending and have a loan limit of Ksh.150,000,” said Dr. Mwangi.
Equity Bank says the Hustler Fund program aligns with its move to disburse more funds into the economy in loans, especially through the private sector.
The lender’s boss identified the savings perspective of the Hustler Fund as a unique strength, saying it will enhance financial discipline among the borrowers.
“For the first time, the government has a fund that brings financial discipline and more importantly, the component that excites us is the savings component,” said Dr. Mwangi.
The launch of the first phase of the Hustler Fund is expected at the end of this month, where KSh. 50 billion will be disbursed to qualifying persons who will receive between KSh. 500 and 50, 000.
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