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Ruto announces free cash for 1.2 million borrowers on Hustler Fund [Qualifications]

Qualifications of 1.2 million Hustler Fund borrowers who will receive free cash

President William Ruto during the official opening of the 2024 Kenya Innovation week Commonwealth Edition, Nairobi

President William Ruto has announced that the government will reward over 1.2 million Kenyans who are regular borrowers of the Hustler Fund.

Speaking during the 1st anniversary of the Hustler Fund in Nairobi on November 30, President Ruto said that one must have borrowed at least five times to qualify for the reward.

He explained that the government would contribute money to the beneficiaries' savings depending on how much they have saved.

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Those with saving of more than Sh6,000 and have borrowed five or more times shall receive Sh3,000 and those with savings of less than Sh6000 with receive matching funds on a ratio of 2:1.

President Ruto also announced that over 1.2 million Kenyans would also have their borrowing limits doubled.

“Because you have been very diligent in paying the current limits, we will increase your limits. Those who have borrowed more than 10 times, we will increase your limit by 100%,” President Ruto announced.

Those who have borrowed between five and 10 times, will have their limits increased by 60%, while those who have borrowed between two and five times, will receive an increment of 40%.

The head of the state also announced that Kenyans will also be allowed to withdraw 30% of their savings in the Hustler Fund and utilise it for business.

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Those who opt to not withdraw their savings will have their borrowing limits increased.

President Ruto announced more goodies for those with savings, saying that the fund would pay an interest of 12% interest p.a.

The head of state revealed that 7 million Kenyans had been condemned in the Credit Reference Bureau system, but their credit rating has been repaired.

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He added that 2 million of them are active borrowers of the Hustler Fund.

"We have spent Sh50 billion. This program is self-sustaining, with only Sh12 billion . We are going to write a book about this product one day," the president said.

Central Bank of Kenya statics indicate that 45% of Kenyans have borrowed from the Hustler Fund .

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