President William Ruto, on Friday, February 3, announced the issuance of a credit score to borrowers of the Hustlers Fund.
During the 50th Anniversary Celebrations of the Kenya Police Sacco in Nairobi, Ruto stated that the review would commence by the end of February 2023
The Head of State further stated that borrowers would get better grades if they borrowed regularly and repaid their loans on time.
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“The financial grade will determine if you are good or if you need to increase the credit. You will be explained to why you qualify for the grade issued to you,” Ruto stated.
Loan limits for the 6 million Kenyans using the fund will also be increased, with some borrowers enjoying double the amount they accessed before.
Reviews of the loan limits will be conducted after every four months.
“Of the 14.2 million Kenyans, we have identified 6 million to increase their credit limit. From tomorrow they will access more money.
"Some of you will even access double of what you have been accessing, some of you will access an additional 80 percent of what you have been accessing,” Ruto announced.
At the same time, the Head of State announced plans to unveil a hustler fund for Saccos that will allow different registered groups to borrow low-interest loans.
“By the end of this month, we will launch the microcredit Hustler Fund where Saccos can also join and borrow money for members so that we can grow the number of people benefiting from the fund,” he detailed.
The Head of State additionally noted that Kenyans had saved up to Ksh850 million in the past two months, adding that the government had targetted to have up to Ksh1 billion in savings after two and a half months.
"We are announcing that the hustler fund will provide two things, credit and a platform for people to borrow. To join the Police Sacco, you need Ksh2,000 but for the Hustler Fund, you will not pay any amount," Ruto added.
While launching the fund in November 2022, Ruto announced that applications for the loan would be entirely digital, and the funds would be disbursed to mobile money wallets upon approval.
"We will match your savings. For every Ksh2 you save, we will give you Ksh1. Saving is the only way to invest in Kenya," Ruto stated.
