The Hustler Fund was launched on Wednesday, November 30, to support small business owners and low-income earners
The government deduct 5% of the principal loan amount, pushing it to the facilities pension plan
President William Ruto said the plan raised KSh 200 million in savings in less than a week after the launch
Ruto said the savings would be crucial for economic development as the country sets measures shifting from overreliance on external borrowing
Kenyans borrowing from the Hustler Fund have saved over KSh 200 million in one week after the facilities launch.
President William Ruto speaking during the launch of a digital economy programme at Kabete Polytechnique on December 6.
Photo: State House Kenya. Source: Facebook President William Ruto launched the KSh 50 per year loan facility on Wednesday, November 30, 2022.
President William Ruto launched the KSh 50 per year loan facility on Wednesday, November 30, 2022.
Savings from Hustler Fund The government deduct 5% from the principal amount borrowed and push it to the borrower’s savings/pension plan.
Speaking in Mavoko, Machakos, on Wednesday, December 7, Ruto revealed that the pension plan outperforms the Nation Social Security Fund (NSSF).
“I have confirmed that in the last one week, savings from the borrowers of Hustler Fund have clocked KSh 200 million mark.
This tells you that the kitty will collect more in savings than what NSSF is currently collecting,” said Ruto during
the launch of Affordable Housing Programme in the county In the scheme, the government matches the borrower’s savings in the ratio of 2:1,
meaning for every KSh 200 saved, the total savings amount to KSh 300.
Ruto reiterated his plan to reduce government overreliance on external borrowing, saying the countries that lend, like China,
have strong national savings plans. “China and every other country that lends money have a strong national savings plan.
The money they give us come from savings by the people from in the country. This is why we came up with this plan to drive our own development,” he said.
Hustler Fund borrowed money hit over KSh 3.5b
As of Monday, December 5, most Kenyans had accessed the Hustler Fund facility, borrowing money.
The Ministry of Co-operatives and Micro-Small Medium Entreprises (MSMEs) disbursed over KSh 3.5 billion in less than two weeks.
About 10.6 million Kenyans had registered for the fund as borrowers made a repayment of KSh 190 million since.