Hustlers’ Fund will be form of digital loan
President William Ruto now says the Financial Inclusion Fund otherwise known as Hustlers’ Fund will be accessed as a digital or mobile loan.
Ruto noted that the loan will be disbursed through an online platform and that no committee will be involved in the process.
"The product is going to be seamless, you will not need any committee, you do not need to know anybody and the product will be online just like M-Pesa," President Ruto stated.
Adding;
"I know some of you had made arrangements to form a committee for disbursing Hustler funds. Sorry, I will disappoint you there will be no Hustlers' Fund committee."
Further, the President noted that the government is in talks with Mobile Network Operators (MNOs) and service providers who will be used as the medium for borrowers to get the funds.
"We are working with our MNOs and technology providers and all the mobile operators including Safaricom, Airtel, Telcom, and others and that is the platform this money is going to be disbursed," he said.
"Have no doubt that nobody will be left behind. We have also made it possible to borrow using an ordinary phone where we have a USSD code where people can easily access it."
According to the Head of State, the loan will first be given to individual borrowers before advancing to disbursing it to Saccos, SMEs and eventually to the big borrowers.
The first phase of the Hustlers' Fund will be rolled out on November 30 and will be determined by the borrower’s credit score.
The loan will range between Ksh500 to Ksh50,000 at an annual interest of 8 per cent.
"As part of the first phase of this roll-out that is expected to be unveiled and launched to the nation on November 30 2022, the loan limits will be a minimum of Ksh500 up to a maximum of Ksh50,000.00. As the first single-digit credit product in the Country and the region, the loan interest rate will be capped at 8% per annum computed on a pro-rated basis," part of the statement read.
Hustlers' Fund was one of Ruto's key agendas in Kenya Kwanza manifesto during the campaign period.
