NAIROBI, Kenya, Nov 30 – With just a few hours to the official launch of the much-talked about Hustlers Fund, Kenyans are about to witness the fulfillment of one of the major elections pledges made by President William Ruto and his Kenya Kwanza team.
Thousands of Kenyans are already seated at the newly constructed Green Park termini, waiting for the Head of State to make true his promise of availing affordable credit to Kenyans at the bottom of the economic pyramid, who have in the past been excluded from accessing financial services.
President Ruto in his various campaign rallies told hustlers that within his 100 days rule, he would have put in place a hustlers fund which will also set to free Kenyans from the bondage of predatory lenders.
State House Spokesperson Hussein Mohamed lauded the President for keeping his election pledge, and making the Hustlers Fund a reality.
“From promise to reality, President William Ruto today ushers in a new dawn; the launch of the Hustler Fund,” Mohamed stated.
Kenyans can access the Hustlers Fund through a USSD code and mobile app platforms offered by mobile network providers like Safaricom, Airtel, and Telkom.
A cabinet dispatch on Tuesday evening indicated that the Hustler Fund will be delivered electronically and with no requirements to fill any manual forms or secure any third party guarantors.
“As such the Hustler Fund will be delivered without any bureaucracy,” the dispatch read.
The Fund is set to offer much needed relief to about and a new lease of life to about 8 million Kenyans who have been locked out of accessing funds due to blacklisting.
The Hustlers Fund will offer affordable credit by charging interest at 0.002 per cent per day, which is 500 per cent cheaper than the cheapest current products in the market which range between 1 per cent to 10 percent per day.
Individual credit from the Hustler Fund will range from sh 500 to sh 50,000 while for groups/saccos will range from sh 50,000 to sh 500K.
The repayment of the fund has been capped at 14 days.
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