President William Ruto will on Thursday launch the second product of the Hustler Fund.
This comes as the Hustler Fund seeks to partner with Sacco's
The product will provide low-interest loans to members of savings and credit cooperatives (Saccos) across the country.
Ruto had announced another Hustler Fund product would be launched last month.
Kenyans will be able to borrow a bigger amount ranging from Sh100,000 to Sh2.5 million.
Last month, Cooperatives and Micro Small Enterprises CS Simon Chelugui encouraged Saccos to set up more Front Office Service Activities offices across the country to facilitate the partnership
"You're not just going to serve your members; we are going to partner with you. Hustler fund, even the distribution of government services like Inua Jamii, and now soon, delivery of subsidy fertiliser," he said.
President Ruto’s Hustler Fund is one of the flagship projects he promised during his pre-election campaign.
A person must be at least 18 years old and have a valid national identification card, a registered SIM card and a mobile money account with Safaricom, Airtel, or Telkom to qualify.
The fund is specifically designed to support small-scale traders in the country.
The Hustler Fund comprises four products: personal, micro business, SME and start-up loans.
To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting with the government issuing strict measures to curb the same.
Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
The borrowers who default will also have their Hustler Fund account frozen.
At the same time, the Head of State will also relaunch the Women Enterprise Fund.
This is a government initiative that provides women entrepreneurs with affordable credit and business support services.
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