Hustler Fund is here to free you from shylocks – State House
As Kenyans wait for the launch of the Hustler Fund by the government of President William Ruto on Wednesday 30, the State House says this will provide freedom for Kenyans who have been suffering from predatory lenders.
This will be the first single credit product in the country and is being operated by the government.
State House Spokesperson Hussein Mohamed said that the funds would end the exclusion of Kenyans at the bottom of the economic pyramid from accessing crucial financial services.
“It will not only be about access to affordable credit but also ending the exclusion of Kenyans at the bottom of the economic pyramid from accessing crucial financial services…the fund will also free Kenyans from the bondage of predatory lenders,” Hussein said.
President Ruto is expected to preside over launching the fund at the Green Park Terminus in Nairobi.
According to the dispatch from the cabinet meeting at State House on Tuesday, the fund is part of the administration’s plans to avail easily accessible funds to common Kenyans who have been denied for long their rightful contributions to the nation-building.
“The fund is expected to offer much-needed relief and a new lease of life to over 8 million Kenyans who various credit rating agencies have blacklisted,” the cabinet meeting statement read.
The fund is also expected to offer affordable credit needed to grow their enterprises, charging an interest rate of 0.002 percent per day, which is far cheaper than the current interest rates ranging from 1-10 percent from other creditors.
According to the president, the maximum limit of the Hustler Fund will be Sh50, 000 and the least will be Sh500, which the borrower’s credit score will highly determine.
During the campaigns, President Ruto said that many Kenyans have struggled to access affordable finance to uplift their lives and businesses.
Also, read our top stories today: