Gov't to increase Hustler Fund limits tomorrow
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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