Thursday, December 8, 2022 – President William Ruto has revealed the Hustler Fund is achieving its intended target.
This is after it emerged that 13 million Kenyans have already taken up the loans and saved a lot.
While launching the Hustler Fund on November 30th, the president said the fund will not only put an end to the exploitation of Kenyans by unscrupulous lenders who have been charging borrowers exorbitant interest rates but will also encourage hustlers on the culture of savings.
He noted 5 percent of the borrowed amount will be deposited in your Hustler Fund saving account.
He said the minimum amount one can borrow is KSh 500 while the highest amount is KSh 50,000.
And to Ruto’s surprise, hustlers have already saved a whopping Sh250 million in just one week.
“I am happy that in the last week, the hustler fund has been able to collect savings of KSh 250 million and it’s clear that we are going to collect more money in savings than what NSSF is currently collecting,” the president said.
However, Ruto said that Hustler Fund borrowers will be able to access their savings immediately after they settle the short-term credit facilities.
“The bank shall retain the 30 percent [of principal] intended for short-term savings … in a suspense account until full repayment of the loan.”
“Upon full repayment of a loan, the amount … shall be released to the customer who will be at liberty to withdraw it or keep it as savings,” reads the terms and conditions of the Hustler Fund Savings and Loan Product.
Ruto further asked borrowers to pay their loans on time to increase their loan limits.
“I urge Kenyans to pay their debts in order to increase their limit,” Ruto added.
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