President William Ruto set some conditions for the eagerly awaited Ksh50 billion hustler fund.
Speaking during the 58th Mashujaa day celebrations at Uhuru Gardens on Thursday, October 20, 2022, he indicated that borrowers will have to participate in a short-term savings plan and long-term pensions program.
“All borrowers on this platform will also participate in a short-term savings plan and long-term pensions program. Every saving made by borrowers on this platform will be merged by the government of Kenya on a 2:1 ratio to a level to be determined by the program,” President Ruto stated.
The President noted that the funds would only be made available at reasonable rates to small businesses that are registered on digital platforms. The Head of State had previously stated that the cash would not be available as grants but rather as loans that must be repaid.
The Commander-in-Chief had earlier stated that a ministry had been established by the government to oversee the monies in order to ensure accountability and that the cash reached everyone they were intended for.
President Ruto added that credit products would be available to both individuals and businesses, noting the great demand for affordable credit among Kenyans and their high hopes for his campaign pledges.
“Credit products will be available to small businesses on digital platforms at affordable rates to individuals and through chamas, groups, SACCOs, and cooperatives. No citizen will be excluded from the credit system. They will, therefore, be eligible to access credit as they work their way out in paying their loans.” William Ruto said.
He gave the condition while announcing that he will launch the Hustler Fund credit and savings product on December 1, 2022.
“Already, expectations are very high across the country on our promise to provide a fund that will offer affordable credit to those at the bottom of the pyramid. We are aware that the most significant question in the streets, Boda Boda parking lots, and fresh produce markets is: WHEN will the Hustlers Fund become operational? I have an answer for you today. I will launch this Hustler Fund credit and savings product on the 1st of December this year,” the president said.
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