We are replacing collateral systems built around titles, Ruto
President William Ruto has today, November 30, launched the Hustler Fund at the Green Park Terminus in Nairobi.
Speaking during the event, the President said the fund will “replace the collateral system built around title deeds and log books to access loans”.
He said Hustler Fund will provide a new start for over eight million Kenyans who cannot access credit due to their bad credit history.
“In order to change this tide of Kenyans locked out of credit with a fund that is 500 times cheaper than the average lender in the market,” Ruto said.
“Today we are replacing the collateral built around title deeds, log books, and securities. We are beginning a collateral system built around credit scoring,” said Ruto, adding that, “The government is not looking for profits. We have placed a 0.002 percent interest rate per day. To make sure we can run the fund and make sure it is growing to ensure we have it in the future.”
According to the President, access to the fund has been made easy and all a Kenyan needs to borrow is their phone and their credit score.
“This fund has no committee. You, your phone, and your record are the borrowing committee,” he said.
Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui has said there will be no registration required for the Huster Fund.
Chelugui says borrowers will use an SMS short code that will take them to a certain menu, leading all the way to the application of the loan.
“We urge members of the public to disregard all forms of communications inviting them to register for funds on a website or via a phone number,” he said.
In the first phase of the Hustler Fund, Kenyans will be able to access loans between KES 500 and KES 50,000.
In the following phases, unregulated chamas and SACCOs are able to borrow up to KES 10 million while those that are regulated can borrow up to KES 100 million.
“For individuals running their SME business can borrow between KES 100,000 up to KES 50 million,” he said.
In the event that brought together the who is who in major sectors, the President praise the efforts of various industry players who worked together to develop the fund.
“It is not common that competitors seat together to discuss a product that is not theirs,” said the President.
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