Gov't to increase Hustler Fund limits tomorrow

Gov't to increase Hustler Fund limits tomorrow

President William Ruto during a past meeting at State House. PHOTO | PCS

The government has pledged to step up the Hustler Fund limit for over 6 million Kenyans beginning from Saturday, February 4, 2023.

President William Ruto made the announcement on Friday during the Kenya Police Sacco 50th Anniversary Celebrations in Nairobi.

The President, while urging more citizens to subscribe to the credit facility which so far has attracted over 14.2 million Kenyans, said any person who borrows and repays within the stipulated time would have their limit exceeded.

“I also committed to the people of Kenya that beyond saving, every member who borrows on Hustler Fund, if they repay, will have an opportunity to borrow more. Today is the day we increase,” he said.

“Of the 14.2 million, we have identified 6 million of them to increase their credit limit. 6 million members of the Hustler Fund from tomorrow you can access more money; some of you will access double what you have been accessing, another 8 per cent of what you have been accessing.”

The Head of State encouraged all subscribers that his administration would be reviewing credit limits after every four months in a bid to scale up individuals’ limits.

“We are going to review the credit limit of every member every four months. We will add an additional ceiling for you so that we can grow everybody,” President Ruto said.

At the same time, the President revealed a new initiative where the fund’s beneficiaries would be assigned a financial grade detailing their progress in borrowing, saving and repaying their debts.

“By the end of this month. Every member of the Hustler Fund will be assigned a financial grade and you can know that my financial grade is this, therefore, I am good or I need to improve or I need to work on my credit and you will be explained what makes you have a good grade,” he said.

The remarks by the President come amidst calls by the opposition and members of the public to increase the fund limit.

Azimio la Umoja One Kenya coalition members had been poking holes in the program with the political outfit's leader Raila Odinga claiming the amount was of no consequent value to Kenyans.

“Hii Hustler Fund ati unapewa shilingi mia tano, hiyo unaweza kuanzisha biashara gani? Alafu ati ulipe baada ya siku kumi na nne…sisi tulisema nguruwe sita. Mjue hii mnapewa ni deposit ya zile nguruwe sita,” he said last year.

“Wakitoa, chukua, lakini hapana sema asanti maanake ni mali yenu. Mwambie kesho pia nitarudi. Hiyo ni mali ya umma ambayo jamaa wameiba.”

Currently, citizens are able to access loans of between Ksh.500 and a maximum of Ksh.50,000 individually by dialling a USSD code *254# on their mobile devices from any of the telcos; Safaricom, Airtel and Telkom.

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