President William Ruto has announced that the loan limit for committed Kenyans patronizing the Hustler Fund scheme will be increased.
Speaking during the first anniversary celebrations of the Fund, the President said that the limits will be adjusted based on the frequency of borrowing.
“Those who have borrowed 10 times will see their limits increase by 100% while those who have borrowed between 5 and 10 times will have their limits increased by 60%,” he said.
Ruto added that Kenyans who have borrowed between 2 and 5 times will have their limits increased by 40%.
Additionally, Kenyans will be able to withdraw 30% of their savings, with the remaining 70% being put into a long-term savings plan. If individuals choose not to withdraw their savings, their credit limits will be doubled within a month.
The President also mentioned that the scheme’s savings have reached Ksh2 billion and will match the savings of 1.2 million regular users.
To be eligible for the government’s matching program, individuals must have borrowed at least 5 times to demonstrate their commitment to the Hustler Fund.
“Those who have saved Ksh6,000 or more will receive Ksh3,000 while those who have saved less will receive a 2:1 match. Information on increased loan limits will be available online for hustlers,” he said.
The Fund has already lent an estimated Ksh40 billion to 19 million Kenyans, with 7.7 million active members.
By Amos Kerich
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@shrendpublishers.co.ke
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
