President William Ruto has announced an increase in hustler fund limit for hustlers who continuously borrowed from the fund from last year.
The President confirmed this during the celebration of the first year’s anniversary of the Hustler fund saying that youths and hustlers who have borrowed ten times will have their limit increased by 100% whereas those who have borrowed five times will have their limit increased by 50%.
However, those who have borrowed two times or less will have their hustler fund limit increased by 40%. This is to ensure fare share of increment across the board for borrowers.
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“1.2 million Kenyans will have their limits increased. Those who have borrowed more than 10 times will have the limit increased by 100 per cent. Those who borrowed 5 times will have the limit increased by 50 per cent. Those who have borrowed 2 times will have their limit increased by 40 per cent.”
President William Ruto also revealed the identity of the Tuktuk driver who borrowed Ksh. 714,000 from the hustler fund, an announcement that brough controversy. Harrison Kenga was promised a new Tuktuk by the President.
The head of state also confirmed that hustlers who could previously not access loans and credit due to blacklist on CRB can now get the hustler fund without any condemnation failure to pay on time.
“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.”
He also encouraged borrowers to keep borrowing to increase their limits and ensure that the fund works for their advantage.
Those who saved on the hustler fund will also now be able to access 30% of their savings for investments. For instance, those who have 30,000 in their savings can now access and withdraw 10,000 and use it on their savings.