President William Ruto will roll out the first phase of Kenya Kwanza Administration’s signature Hustlers Fund pledge on the 30th of this month – a kitty that will issue credit to small-scale traders from a minimum of Ksh. 500 up to a maximum that will be determined by the borrower’s credit score, and capped at Ksh. 50,000.
As the first single-digit credit product in the country and region, the loan interest rate will be capped at 8% per annum computed on a pro-rated basis.
As part of his administration’s policy interventions to address the country’s economy, President Ruto today chaired a cabinet meeting at State House to approve the legal and institutional framework to anchor the establishment and implementation of the Financial Inclusion Fund (Hustlers Fund).
”The fund is expected to open up affordable credit facilities for the majority of Kenyans who had previously been locked out of the credit facilities and to boost a savings culture while creating momentum for sustainable development,” a November 15th cabinet dispatch reads in part.
The fund will be structured with four products namely Personal Finance, Micro Loans, SME Loans, and Start-Up.