NAIROBI, Kenya, Nov 29 – The first phase roll out of the Hustlers Fund programme is expected to be launched by President William Ruto on Wednesday.
This is after the Cabinet approved the legal and institutional framework to anchor its establishment and implementation on Tuesday.
The Fund is expected to provide affordable credit facilities and boost a savings culture while creating momentum for sustainable development.
“The Hustlers Fund is part of the Administration’s answer to predatory lending that historically has denied many households an opportunity to make their rightful contribution to nation building,” the Cabinet which held its third meeting chaired by President William Ruto stated.
“The Fund is expected to offer much needed relief and a new lease of life to
over 8 million Kenyans who had been blacklisted by various credit rating
agencies.”
The Cabinet Dispatch further indicated that the Hustlers Fund also offers affordable credit by charging of interest of 0.002 percent per day, which is 500 times cheaper than the cheapest current products which range between 1 percent o 10 percent per day.
It pointed out that as part of the administration’s social transformation agenda, of fostering social security and eliminating poverty, this revolutionary fund will also herald a new era by according all Kenyans an opportunity to contribute to their pension savings within every financial transaction that they make.
It has four products including Personal Finance, Micro Loans, Small and Medium Enterprises Loans and Start Up.