President William Ruto has declared that six million Kenyans who have been borrowing and repaying hustler loans on time will have their limits increased.
Ruto urged more Kenyans to maintain their hustler loan accounts while announcing that the greater loan limits will go into effect on Saturday, February 4, 2023.
“Of the 14.2 million Kenyans, we have identified 6 million of them to increase their credit limit. From tomorrow they will access more money.” the President noted.
Read: Hustler Fund Set To Lose Ksh22 Billion In Costs Every Year
According to Ruto, most people would have their credit limits doubled, while others will be able to borrow 80% more than before. The borrowing limitations will be reviewed after every four months.
While speaking during the 50th anniversary of the National Police Sacco, the Head of State also revealed plans to introduce a hustler fund for Saccos, which will enable various recognized organizations to obtain 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 said
Read: How To Apply For Hustler Fund In Simple Steps
The Head of State added that the government had set a target for having up to Ksh1billion in savings after two and a half months and that Kenyans had saved up to Ksh850 million over the previous two months.
President William Ruto earlier on stated he has no responsibility over how Kenyans taking Hustler Fund will spend the money.
Speaking during his inaugural state of the nation interview with the media, the president said that it is up to Kenyans taking the loans to decide on how they wish to use it.
However, the president stated that he believed the money was making a difference among Kenyans due to the fact that a significant number of those loaned took the money and repaid it.
Telecommunication Companies outlined the process of applying for the hustler fund. Using registered Safaricom, Telkom, and Airtel lines, subscribers interested need to dial the short code *254#.
Borrowers will then be prompted to input loan details from the popping options, after which they will be notified via SMS on the status of the application and other loan information.
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