Following the launch of the Hustler Funds initiative, Kenyans will be able to borrow as little as Sh500 starting on November 30.
Based on the borrower’s credit rating, the maximum amount is set at Sh50,000. The Cabinet’s second meeting with President William Ruto on the program’s creation and implementation was held on Tuesday.
The annual maximum interest rate for the loan will be 8%, and it will be calculated pro rata. The country’s first single credit product is called Hustler Funds. A pro-rated calculation of the loan interest will be used, with a maximum annual rate of 8%. In the nation, Hustler Funds is the first single credit product.
A pro-rated calculation of the loan interest will be used, with a maximum annual rate of 8%. In the nation, Hustler Funds is the first single credit product.
“The implementation of the Administration’s signature pledge is tipped to liberate the people of Kenya from the bond of predatory lending,” the cabinet said.
Ruto claimed that the creation of a Hustler Fund will enable the wananchi to obtain inexpensive loans quickly during his inauguration.
“We shall implement the hustler fund dedicated to the capitalisation of micro, small and medium enterprises through chamas, saccos and cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” he said.
According to Ruto, supporting micro, small, and medium-sized businesses will be the focus of the Sh50 billion annual fund. Credit societies and investment companies will be the conduits for the funds. The Central Bank of Kenya (CBK), financial intermediaries, financial institutions, and mobile network operators are among the regulators who have guided the program.
