Ruto addresses complaints over low Hustler Fund limit
Ruto addresses complaints over low Hustler Fund loan limit after lamentations from Kenyans
Ruto addresses complaints over low Hustler Fund loan limit after lamentations from Kenyans.
On Sunday, December 4, President William Ruto responded to a variety of grievances from Kenyans who bemoaned the low lending limit of the Ksh50 billion Hustler Fund kitty.
Speaking at an Interdenominational Prayer session at the University of Embu in Embu County, Ruto said that a person’s capacity to borrow money and make loan payments determines whether or not their credit score would increase.
The president praised the program while pointing out that the kitty was created to assist low-income individuals who had trouble obtaining loans at reasonable rates.
“Everyone will have an opportunity to access the funds within the scheme. How you will rise from Ksh1,000 upwards is dependent on your hard work.
“Borrow and easily pay back and your credit score will go higher till Ksh50,000,” he noted.
The Hustler Fund will set the tone for the February 2023 launch of the program targeting groups and Saccos, Ruto added.
“The other program we’re starting in February works with groups and Saccos; we’ll give you money as a group to help with your companies. This is due to the fact that many Kenyans have been held captive and are suffering from debt that they are unable to pay.
“Unlocking the businesses of the majority of Kenyans who struggle to get finance at reasonable rates is the most crucial and significant thing we need to do. This is what will grow our enterprises, according to Ruto.
Ruto’s response came after a section of Kenyans decried the low loan limit, noting that they were able to access Ksh500 to Ksh1,500.
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How to increase Hustler Fund loan limit
The Ministry of Cooperatives states that your ability to consistently take out loans and make on-time repayments will determine whether your loan limit increases.
The score is calculated when you continue using Hustler Fund and paying the loan on time.
In addition, the limit will be evaluated and changed in light of past Hustler Fund borrowing and repayment patterns.
Also read,
Kalonzo exposes Ruto’s plan to stay in power
Kenyans borrow Ksh700M from Hustler Fund in hours after the launch, Ruto
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