All systems go for Hustler Fund launch
Kenya Kwanza's signature pledge, the Hustler
Fund, will be launched on Wednesday after receiving a nod from Cabinet.
The fund is set to give eight million Kenyans
a second chance to access credit at the lowest interest rate.
It will offer much-needed relief and a new
lease of life to millions of Kenyans who could not access credit after having
been blacklisted by various credit rating agencies, by offering them loans from
as minimum as Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or
a daily rate of 0.002 per cent.
Co-operative and Micro, Small, and Medium
Enterprises Cabinet Secretary Simon Chelugui said all is set for the roll out,
with selected Kenyans set to receive money during the trial phase.
Under the funds regulations, the Ksh.50
billion kitty will be managed by a board comprising of;
A non-Executive Chairperson appointed by the
The Principal Secretary to the National Treasury
or their representative
The Principal Secretary of the State
Department responsible for Micro, Small and Medium Enterprises or their representative
The Principal Secretary of the State Department
for matters relating to Trade or their representative
Two other persons, not being public officers
who shall be appointed by the Cabinet Secretary
administrator of the fund who shall be the Secretary of the board and
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