Ruto issues clarification over concerns on Hustler Fund interest rate
Ruto issues clarification over concerns on Hustler Fund interest rate to be charged ahead of launch next month, December.
President William Ruto addressed concerns about the interest rates charged on loans given to Kenyans under the Hustler Fund set to be launched on December 1.
On November 10, during the annual general meeting of the Kenya National Chamber of Commerce and Industry (KNCCI), Ruto promised that the lending rates will be lower than those provided by banks.
He further stated that the state intended to gradually eliminate the interest charged on loans made to SMEs in the future (MSMEs).
“I want to promise the country that the hustler fund is going to be on a single-digit interest and progressively for the smaller enterprises, we will begin with just a simple fee without interest,” Ruto explained.
Ruto called on commercial banks in the country to work with the government in the actualization of the fund and offer exclusive rates under the fund.
“I want to persuade our financial institutions to be flexible in how they lend their finances but also consider the aspect of cost. We want to fire the bottom of the pyramid, that is where the engine of the economy is,” he pleaded.
In addition, he reiterated the call to remodel Kenya’s human capital, which he declared the most valuable asset in rebuilding the economy.
“We may not have gold and silver but we have the people of Kenya and that is the asset that is going to turn around our nation. We need to fund the human capital,” he stated.
President Ruto stated that training and education may help people reach their full potential so they can meet the demands of the modern world.
Ruto highlighted the contribution of technology to economic growth, particularly the smartphone, which is now a necessary tool for conducting business.
He urged businesses to create a cheap smartphone that is made locally. Additionally, he pledged to accelerate the digitization of government services to 100% during his administration.
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