President William Ruto has announced the extension of the borrowing cap for six million Kenyans of the 18 million who have opted into the credit facility.
In the announcement made during the 50th anniversary of the Kenya National Police Sacco, the President said some of the six million Kenyans will access double their current credit while others receive up to 80 percent raise from their current credit limit.
The six million were identified from those who have consistently repaid their loans.
“We have identified KES 6 million people to increase their limit starting tomorrow,” said Ruto.
According to the Head of State, the fund launched in November last year has attracted over 18 million people with KES 17 billion borrowed and KES 14.2 million regularly servicing their loans.
800,000 users have defaulted on their loans, exceeding the term to pay.
The mobile loan users have saved KES 850 million in the last two months.
During his media interview at the turn of new year, Ruto announced that the Hustler Fund will be increasing credit limits on January 30.
He said those to benefit will be multiple borrowers who have been servicing their loans.
In a media interview on all local TV stations, Ruto said he targets a situation whereby individual borrowers will grow their credit limits to a minimum of KES 50,000.
The President also announced plans to assign a financial grade to every Hustler Fund borrower with the government planning to review each users credit ceiling every four months.
Savings and Credit Co-operative Societies (SACCOS) in the country will soon be able to join the Hustler Fund as the president announced the government will roll out the micro credit for SACCOs later this month.
During launch of the fund last year, the president said Groups, Chamas, and cooperatives will be eligible for credit facilities of up to Kes10 million, while Saccos under the firm grip of their sector regulator, the Sacco Societies Regulatory Authority (SASRA) will access between Kes10 million and Kes100 million from the Hustler Fund.
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