Hustler fund is not what you thought as RUTO now details how exactly it will work upon launch in December – Look!

 

Friday, October 21, 2022 – President William Ruto has announced that the Hustler Fund will be launched on December 1, 2022.

Speaking during Mashujaa Day celebrations at Uhuru Gardens yesterday, the Head of State said that the fund will be available to small businesses.

He also maintained that the credit fund will be available on digital platforms to individuals through Saccos and cooperatives at affordable rates.

“Credit products will be available under the hustler fund to small businesses on digital platforms at affordable rates to individuals through chamas, SACCOs, and cooperatives,” Ruto said.

The President further added that the borrowers in the platform will have access to short-term and long-term savings plans.

“All borrowers on this platform will also participate in short-term saving plans and long-term pension programs,” he added.

The Head of State also said that every savings made by the borrowers will be merged by the government on a level determined by the platform.

“Every saving made by borrowers on this platform will be merged by the government on a 2:1 ratio to a level to be determined by the programme,” the president said.

Besides, borrowers should prepare themselves to pay interest on the loan they get from the Hustlers Fund because there is nothing for free from the government.

The Head of State had promised that his government will invest Sh50 billion in the Hustler Fund with the funds available to borrowers on loan at zero interest, but the latest changes have got hustlers off-guard.