President William Ruto has revealed the strategy for increasing loan limits for committed Kenyans participating in the Hustler Fund initiative. The adjustments will be determined by the frequency of borrowing by individuals since the initiative’s inception in 2022.
The President stated that individuals who have borrowed from the fund ten times can anticipate a 100% rise in their loan limits. Those with more than five borrowings will experience a 50% increase, while clients with more than two borrowings should prepare for a 40% boost in their loan limits.
“We are raising the borrowing limit for the Hustler Fund, and this will impact 1.2 million regular borrowers today,” he announced during the first-anniversary celebration of the Hustler Fund in Nairobi on Thursday.
Furthermore, Kenyans will now have the opportunity to withdraw 30% of their savings, accessible every 31st day of December. The remaining 70% will be allocated to a long-term savings plan.
Meanwhile, those opting not to withdraw their savings will witness their credit limits double within a month.
“If you borrow and have savings, the government will match it. You must have borrowed at least five times to demonstrate your commitment to the Hustler Fund,” Ruto explained.
Kenyans with savings of Sh6,000 or more will receive Sh3,000, while those with lower savings will receive a matching ratio of 2:1.
According to the government, the Hustler Fund has disbursed at least Sh.39.5 billion, benefiting 21.7 million Hustlers. Repayments totaling Sh.28.7 billion have been made, with Sh.2 billion contributed to savings. The fund now boasts over 7.5 million repeat customers.
Ruto predicted, “The seven million Kenyans who were previously condemned under the Credit Reference Bureau (CRB) have been absolved. They are now accessing credit from the Hustler Fund, where there’s no condemnation if they don’t pay on time. One day, we are going to write a book about it.”
Enhanced loan limits will be communicated to Hustlers through online channels.
