Nairobi: Kenyans will start accessing loans of between Ksh500 to Ksh50,000 through the Hustler Fund at an interest of 8% yearly.
The Ksh50 billion fund is part of President William Ruto’s mission to uplift Small and Medium-sized Enterprises-SMEs through the “Bottom-up” economic agenda.
According to a dispatch from the Statehouse, the loan limits will be determined by a borrower’s credit earnings.
The National Treasury of Kenya last week unveiled rules and regulations that will govern the Hustler Fund under the Public Finance Management Act.
“The Implementation of the Administration’s signature pledge is tipped to liberate the Kenyan nationals from the bond of predatory lending,” the statement from Statehouse reads.
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Individuals will be required to be above the age of eighteen (18) years and should have a Kenyan identification card to qualify for the loans as part of the regulations.
Given this fact, the individuals should also be in the SACCO societies, members of Micro, Small, and Medium Enterprises-MSMEs, Chama and table Banking Groups, or any other registered business body.
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The Hustler Fund CEO who will be appointed by the Treasury Cabinet Secretary-CS will also ensure that he transmits to the Auditor-General statement of accounts relating to the Fund and shows the expenditure incurred from the Fund each fiscal year.
