On Thursday, November 30, 2023, Kenyans celebrated Hustler Fund’s first anniversary. While speaking to Kenyans, Ruto pledged to raise the hustler fund loan limit for dependable borrowers of the KSh 50 billion flagship project. According to the head of state, more than 1.2 million Kenyans can now access more funds from the kitty.
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President Ruto speaks more about hustler fund loan limit
According to President William Ruto, hustler fund subscribers who have consistently borrowed, saved, and paid back their debts on time, are likely to get good loans from the project.
“The Hustler Fund is rewarding Kenyans who have saved, borrowed and repaid diligently with enhanced credit limits. More than 1.2 million Kenyans are relieved as we keep our promise to enhance credit limits to enable them to borrow more,” Ruto said in a tweet on Thursday, December 7.
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CS Simon Chelugui speaks
According to Ruto, his administration will keep improving the loan program and imposing restrictions on borrowers while evaluating client loyalty. For regular borrowers, cooperatives and MSME Development CS Simon Chelugui pledged to double the hustler fund loan limit and boost savings by up to KSh 3,000.
Chelugui stated that for instance borrowers with a KSh 6,000 loan limit will automatically receive a KSh 12,000 limit. He further disclosed that out of the 19 million users who have borrowed ten times, the kitty has registered one million consistent borrowers. Over KSh 39.5 billion was disbursed by the scheme in the last year, and KSh 28 billion was repaid.
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Savings in the Hustler Fund increased to roughly KSh 2 billion in the year under review. The highest borrower from the Hustler Fund, according to Chelugui, has savings of KSh 225,000. Five percent of the loan amount disbursed to the borrower is what funds the kitty.
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