Ruto launches Hustler Group Loan
President William Ruto has today launched the Hustler Fund's second product known as the Hustler Group Loan.
Speaking during Madaraka Day celebrations held at Moi Stadium in Embu county on Thursday, June 1, 2021, Ruto stated that the Hustler Group Loan would help people access funding through groups such as chamas and saccos.
"I am delighted to announce that during today’s celebrations, I shall be launching the second product of the Financial Inclusion Fund, which is aimed at facilitating people access funding through groups," he said.
"I am glad that this launch of the group loan product is taking place against the backdrop of the phenomenal success of the Hustler Fund Personal Loan product. I expect that this product will encounter even greater appetite from the market," he added.
The Head of State also noted that the product will help overcome exclusion and barriers to participation in credit, savings, health insurance and social security among others.
Groups of 10
He also noted that the Hustler Group Loan will only enable groups of at least 10 people to access loans between Ksh20,000 and Ksh1 million.
"The second product of the Hustler Fund will usher our unique collective-driven competitive market enterprise to the online domain.
To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to help overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socioeconomic amenities," he said.
Ruto also acknowledged the Hustler Fund's efficiency since its inception. He noted that so far no money has been lost to corruption.
"Not a single shilling has been stolen through corruption and borrowers do not need to know anyone, bribe any official for anyone or go through any complex procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes and they are all able to get money wherever they are." he added.