On Wednesday, November 30, President William Ruto launched the Ksh50 billion Hustler Fund at the Green Park terminus in Nairobi.
Accompanying the president at the venue was his deputy, Rigathi Gachagua, Prime Cabinet Secretary Musalia Mudavadi, Nairobi Governor Johnson Sakaja and other Cabinet Secretaries.
Ruto openly interacted with some Kenyans who had set up stalls at the bus terminus, including greengrocers and stalls set up by private businesses.
Attorney General Justin Muturi and Cabinet Secretaries Njuguna Ndung'u (Treasury), Ezekiel Machogu (Education) and Moses Kuria (Trade) bought food items from some of the vendors on site.
Gender CS Aisha Jumwa and Cooperatives counterpart Simon Chelugui were also present.
Other present leaders include Former Kakamega Senator Cleophas Malala, ex-Kiambu governor Ferdinand Waititu, and the majority leader in the National Assembly, Kimani Ichungwah.
Ruto explained that the fund would have four different products: personal loans, groups, small enterprises and cooperatives. or corporations.
The several products will have different loan limits, with the personal capped at Ksh50,000 and Ksh250,000 for all groups.
Furthermore, he added that applications for the loan would be entirely digital, and the funds would be disbursed to mobile money wallets upon approval.
DP Gachagua called on the beneficiaries of the Hustler Fund to ensure that they pay their loans so that the fund is self-sustainable.
"Please use this money well and pay it back. There is no free money in this country, we have made available a facility which will enable you to better yourselves, so please, do not put us in a compromising situation," he stated.
On his part, President Ruto announced that the cabinet would unveil the limit for start-ups next week. He also emphasized the need for Kenyans to save.
"We going to match your savings; for every Ksh2 saved, we will give Ksh1 up to a maximum of Ksh3,000. The only way to invest in Kenya is through saving," he stated.
