Cabinet Secretary of Cooperatives, Micro and Small Enterprises, Simon Chelugui, revealed that the second phase of the hustler fund is to be released on Madaraka Day during the celebrations.
While attending an event in Nandi County, the CS said Ruto would announce a new product that will be delivered during the ceremony planned in Embu County as a celebration for Madaraka Day. This new product will be made accessible through cooperatives and people and will allow them to boost their businesses and better their living standards.
These loans will be issued based on the average credit score that a person or the group members seeking the loan. The CS urged the people to start forming groups of 10 members using their mobile devices. The criteria will ensure that no member of the group has defaulted on any payments or loans before.
During his speech, he hinted at the benefit of the finance bill 2023 and urged MPs to pass it when it is tabled in parliament. He urged the citizens to empower themselves financially through the affordable credit products that Kenya Kwanza offers. He ensured that he pointed out the benefits of the hustler fund to the citizens and their business ventures.
The CS urged Kenyans to vote on the finance bill on the merit that the Kenya Kwanza government is transparent and trustworthy. He hinted at the former government creating the finance bill behind closed doors alternative to them. The current government has created awareness of the Bill and has allowed for public engagement on the bill.
“As we celebrate our independence, we also need to secure our economic freedom. Seven million Kenyans had been listed on the CRB but were brought back through Ksh. 500 hustler fund loans. Most of them have been cleared and can now borrow up to Ksh. 12,000. Some 22 million Kenyans are now on Hustler Fund,” says Chelugui
This comes a few days after the President, William Ruto implored Kenyans to pay back the loans they had taken so as to increase their limit. There’s a high percentage of Kenyans that have not paid back the hustler fund they took. With this in mind, will the funds that the Kenyans take in this second phase be paid if the first round wasn’t?
Read Also: Over 400 Million Borrowed from Hustler Fund
