Friday, November 11, 2022 – President William Ruto has maintained that the hustlers will have to pay interest on the loans they will get from the Hustler Fund set to be launched in December.
However, he noted that the interest rate will be a single digit.
Speaking during the Kenya National Chamber of Commerce and Industry (KNCCI) annual general meeting yesterday, Ruto assured that the lending rates will be lower than that offered by banks.
He added that in future, the state plans to phase out the interest on credit given to small, medium and micro enterprises (MSMEs).
“I want to promise the country that the hustler fund is going to be on a single-digit interest and progressively for the smaller enterprises, we will begin with just a simple fee without interest,” Ruto explained.
The President called on commercial banks in the country to work with the government in the actualization of the fund and offer exclusive rates under the fund.
“I want to persuade our financial institutions to be flexible in how they lend their finances but also consider the aspect of cost. We want to fire the bottom of the pyramid, that is where the engine of the economy is,” he pleaded.
In addition, he reiterated the call to remodel Kenya’s human capital, which he declared the most valuable asset in rebuilding the economy.
“We may not have gold and silver but we have the people of Kenya and that is the asset that is going to turn around our nation. We need to fund the human capital,” he stated.
Initially, Ruto had promised to give hustlers loans at 0% interest, but as it turned out, it was just hot air.
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