President William Ruto has announced that the government will increase the Hustler Fund Loan limit for Kenyans participating in the Hustler Fund scheme.
Speaking during the project’s first-year anniversary celebrations held at the Railway Club Grounds in Nairobi on Thursday, November 30, 2023, Ruto claimed that the project has provided a lifeline to Kenyans who had been negatively listed on CRB.
“Kenyans who have borrowed over ten times, your loan limit will be increased by 100 per cent. I’ll give an example of someone who has a loan limit of Sh1, 600 by evening they will have a limit of Sh3, 200. The one with Sh5,000 loan limits will move to Sh10,000,” he said.
He went on to state that out of those affected, 2.2 million are currently active borrowers on Hustler Fund.
Individuals who have borrowed 10 times will have their limits increased by 100 per cent, while those who have borrowed between five and 10 times will have their limits increased by 60 per cent. The last group of Kenyans who have borrowed between two and five times will have their limits increased by 40 per cent.
Kenyans will also be able to withdraw 30 per cent of their savings, while 70 per cent will be put into a long-term savings plan. However, those who choose not to withdraw their savings will have their credit limits doubled within a month.
The President added that the Hustler savings component has reached Sh2 billion.
Ruto launched Hustler Fund on November 30, 2022 with the aim to directly empower the Micro and Small Medium Enterprises (MSMEs).