President Ruto: Hustler Fund borrowers to be graded
More than 14 million Kenyans who have enrolled to the Hustler Fund will now know their performances in terms of borrowing and repaying the loan.
This is according to the announcement made by President William Ruto on Friday during the 50th anniversary of Kenya Police Sacco.
“Every borrower on the Hustler Fund will be assigned a Financial Grade. And you can know that my financial grade is this, therefore I’m good or I need to improve or I need to work on my credit and you will be explained what makes you have a good grade,” President Ruto said.
The President also announced that six million borrowers of the fund will have their borrowing limit increased from Saturday.
“Six million members of the Hustler Fund will from tomorrow (Saturday) be able to access more money than they have accessed and we are going to review the credit limit of every member every four months… If you have been getting Sh500 and you’ve paid two-three times, it won’t be Sh500 from tomorrow. You will be getting Sh1,000, and those at Sh1,000 you will be getting Sh2,000,” the President said.
The head of state also said 800,000 borrowers are behind schedule but expressed hope that they will catch up.
“We have lend Sh17 billion to this members and for the last two months members of the Hustler Fund have also saved Sh850 million,” President Ruto said.
The President said the move comes following a plea from the majority of the borrowers who have been complaining of getting a fixed limit for the last two months when the fund was launched.
“We will progress that way until borrowers will be able to access upto Sh50,000 of the Hustler Fund,” he said.
The president also announced that at the end of this month, every borrower will be assigned a financial grade based on their borrowing and repayment time.
During the celebrations, the President said the flexibility and affordability of credit facilities offered by the sacco sector, coupled with the inclusive and collective character of its deliberations facilitate greater imagination in exploring investment opportunities and stronger confidence in taking transformative decisions.