President Ruto reveals how Hustler Fund limits will be increased

President William Ruto has revealed how loan limits will be increased for committed Kenyans participating in the Hustler Fund scheme.

The limits will be adjusted according to the number of times Kenyans have borrowed.

“We are increasing the Hustler Fund borrowing limit and this will apply to 1.2 million regular borrowers today,” he said.

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.

He also revealed that the Hustler Fund would match the savings of 1.2 million regular users.

“If you borrow and have savings, the government will match it. You must have borrowed at least five times to demonstrate your commitment to the Hustler Fund,” he said.

Anyone who has saved Sh6,000 or more will receive Sh3,000, while those who have saved less will receive a 2:1 match.

Hustlers will receive information on their increased loan limits online. The President was speaking at the first anniversary celebrations of the Hustlers Fund. He added that the government had lent nearly Sh40 billion to 19 million Kenyans, of which 7.7 million are active members.

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