Ruto awards hustler fund borrowers with 50% of their savings as he increases loan limit
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Ruto says the government will reward hustler fund borrowers with 50% of their savings beginning Friday
Ruto says the government will reward hustler fund borrowers with 50% of their savings beginning Friday.
Speaking on Thursday during the Hustler Fund’s first-anniversary celebration, Ruto said the government will reward 1.2 million borrowers with a matching fund in their long-term savings account in the ratio of 1 shilling for every two shillings saved.
Under the fund, 5 percent of every loan is directed towards savings; 70 percent to long-term, and 30 percent to short-term savings.
“Some 1.2 million Kenyans by tomorrow morning will have a matching fund in their accounts. You must have demonstrated that you are truly committed to the Hustler Fund by borrowing five times. If you have borrowed five times and saved Ksh.6,000, we will give you Ksh.3,000,” President Ruto said.
In addition, Ruto said those who have borrowed from the Hustler Fund 10 times and cleared their loans will have their limit increased by 100 percent.
Further, those who have borrowed from the platform five times will have their limit increased by 60 percent.
For those who have been loaned two times and paid their obligations, President Ruto said they will qualify for a 40 percent increase in their loan limit.
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“I have heard many Kenyans asking for a limit increase. Today we are increasing that limit. 1.2 million Kenyans will today have their limit increased. Those who have borrowed more than 10 times will have their loan limits increased by 100 percent,” Ruto said.
“One who has borrowed between five to 10 percent will have their limit increased by 60 percent. For those who have borrowed between two to five times will have their limit increased by 40 percent.”
Ruto said with the removal of Kenyans from CRB, more Kenyans have been able to get an avenue to borrow from the Hustler Fund.
He said the Hutstler Fund platform is now self-sustaining and that with Sh12 billion injected into the fund has been enough to facilitate its running.
“The 7 million Kenyans who were condemned under the CRB have been absolved; they are now accessing credit from the Hustler fund, where there’s no condemnation if they don’t pay on time. This product (Hustler Fund) is sustaining itself with only Ksh. 12B. One day, we are going to write a book about it,” he said.
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