Hustler Fund loan limits to go up end of January, President Ruto says
President William Ruto during a Media Engagement session at State House, Nairobi on January 4, 2023.
President William Ruto has announced that the Hustler Fund will be increasing credit limits on January 30.
He said those to benefit will be multiple borrowers who have been servicing their loans.
In a media interview on all local TV stations, Dr Ruto said he targets a situation whereby individual borrowers will grow their credit limits to a minimum of Sh50,000.
The president so far said 17.5 million have enlisted into the Hustler Fund mobile phone facility and have borrowed Sh21billion.
"The facility has five million repeat borrowers as per close of business on Monday and all have saved Sh700 million in just one month since the facility was unveiled," he said.
He revealed that the facility will be on January 25, 2023, open personal savings option where members can be depositing money for safekeeping by the government.
"We will in February move to phase two of the Hustler Fund where we will start lending saccos and chamas," he said.
Dr Ruto added that the facility as of Wednesday was receiving more money as credit service than it was giving out as credit.
"The fund has now reached a point of self-sustenance. Kenyans ignored the politicians who had incited them against the fund," he said.
He defended the Hustler Fund as a legally founded drive that has been passed in Parliament.
"About those accusing us of allocating it public money as seed capital without having the budget approved in Parliament, we are above board. We relied on emergency leeway in government funding just like we did with drought mitigation where we used more than Sh4 bn. We will regularise the funding in February," he said.
He said that the savings kitty will be invested in government securities.
