President Ruto announces increase in Hustler Fund loan limit

The Hustler Fund is specifically designed to support small-scale traders in the country.

Piece by: MILLICENT ATIENO
News

• To access the fund, Kenyans can dial *254# on their mobile phones.

• The Head of State disclosed that at least 800,000 Kenyans have defaulted their Hustler fund loans.

President William Ruto during the launch of Hustler Fund
Image: STATE HOUSE

President William Ruto has announced that six million Kenyans, who have been regularly borrowing and repaying their hustler loans on time, will have their limits increased.

The President announced on Friday that almost 6 million Kenyans had been identified from the 14.2 million Kenyans who are servicing their loans properly.

Ruto said the majority will have their loan limits doubled while others will get an increment of 80% more than what they have been borrowing which will start on Saturday 4th February 2023.

He also stated that the credit limit will always be increased after every four months

Ruto said from this month, every borrower will be assigned a financial grade based on the borrowing and repayment record.

Speaking during a joint media interview at State House Nairobi on Wednesday, January 4, Ruto said those who successfully paid back will benefit and borrowers with poor credit scores will be penalized and access the loan at a higher interest after the review.

At the same time, The Head of State disclosed that at least 800,000 Kenyans have defaulted their Hustler fund loans.

"About 800, 000 are behind schedule in payment but it is my hope that they will refund to be able to pay more," he said.

He added that up to February 3, 2023, 18 million Kenyans have registered with the Hustler Fund.

The Hustler Fund is specifically designed to support small-scale traders in the country.

It comprises four products: personal, micro business, SME, and start-up loans.

To access the fund, Kenyans can dial *254# on their mobile phones.

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