President Ruto: Hustler Fund is what will make all Kenyans equal
President William Ruto has once again heaped praise on the new Hustler Fund which he unveiled on Wednesday.
Speaking during the launch of the fund at GreenPark in Nairobi, Ruto described it as the key to unlocking the economic equality of all Kenyans.
"I am happy that from today we shall all be equal as Kenyans. This is the fund that is going to equalise all the people of Kenya so that every citizen can know that they matter and they count," Ruto said.
He said the Hustler Fund was borne out of the need to give Kenyans in Small and Medium-sized Enterprises (SMEs) access to capital, adding that his tours of the country ahead of the August General Election gave him access to Kenyans' concerns.
"The origins of this fund go back to our numerous trips across the country and everywhere we went Kenyans complained of loans and a lack of money to grow their businesses," said the president.
Deputy President Rigathi Gachagua, who was also present at the launch termed the fund a revolution in giving ordinary Kenyans a voice.
"The Hustler Fund is a revolution, the hustler agenda is a permanent agenda in government, the hustler has found his way to the decision-making table of this country," he said.
"Ksh.500 and 50,000 is little money to non-hustlers, so they should go to the other lending institutions charging more interest. Let critics leave the hustlers alone."
With loans from a minimum of 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, the Hustler Fund is expected to offer much-needed relief to millions of Kenyans who could not access credit after having been blacklisted by various credit rating agencies.
The fund is accessible through the USSD code *254# and mobile application platforms of any of the mobile network operators in Kenya.
When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund
The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.
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