President William Ruto is set to launch the second product of the Hustler Fund today at the Kenyatta International Convention Centre (KICC) in Nairobi.
The product will provide low-interest loans to members of savings and credit cooperatives (Saccos) across the country.
The president will also relaunch the Women Enterprise Fund, a government initiative that provides women entrepreneurs with affordable credit and business support services.
CS Simon Chelugui, the Cabinet Secretary of Cooperatives and MSMEs, stated that the hustler fund under saccos will be used to lend to groups that have registered or opened accounts with the saccos.
The sacco-based facility was scheduled to go live in February, but it is only three days late. The CS said that the product was awaiting CBK approval.
President Ruto stated in December, during the launch of the personal loan product, that his vision is to create a financially inclusive society in which every Kenyan can access affordable credit for personal and business needs.
President Ruto’s Hustler Fund is one of the flagship projects he promised during his election campaign last year.
“In that product, we’re focusing on SME, small groups, women groups, youth groups and Chamas,” Chelugui said.
The fund was established in December 2022 with a KES 50 billion initial allocation. Hustler Loan, a digital platform that provides personal loans to individuals via USSD and mobile app, was the fund’s first product.
According to the most recent data, over 18 million Kenyans have borrowed from the Hustler Loan platform, with KES 18.7 billion disbursed.
The launch will be live via https://ntvkenya.co.ke/live/
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