Ruto Pledges Bigger Loans as Hustler Fund Hits Ksh90 Billion President William Ruto has pledged to expand access to larger loans for borrowers under the Hustler Fund while issuing a fresh update on the progress of the programme.
Following a briefing on Wednesday, July 29, the President emphasised that the government would continue allocating resources to the programme to expand access to affordable credit.
“Received a brief on the progress the Financial Inclusion Fund, popularly known as the Hustler Fund, is making in the lives of customers. We will continue resourcing the fund so that Kenyans can continue accessing the most affordable credit in the country,” he wrote in a statement.
In addition to Ruto’s pledge, the fund unveiled a new reward for borrowers with strong repayment records through partnerships with Strathmore University and the African Management Institute (AMI).The initiative, named Tukuze Hub, will provide selected borrowers with business development support and guidance to identify opportunities that can help grow their enterprises.
“The initiative provides capacity building, financial literacy and documentation of successes. It helps selected borrowers identify new opportunities, increase their incomes and build stronger businesses,” read a press release obtained by this publication.
According to the release, borrowers selected based on their repayment history are invited to participate through an SMS notification process, after which their eligibility is confirmed before accessing the support.
Ruto disclosed that the fund has so far disbursed Ksh90 billion to 28 million borrowers through its Personal Loan, Bridge Loan and Hustler Groups products.
According to the President, the programme is currently lending about Ksh50 million every day to borrowers across the country.
In addition, he explained that the fund has recorded 10 million repeat borrowers, with 4.5 million earning A and B credit ratings because of consistent borrowing and repayment.
He added that customers have collectively saved Ksh7 billion through the programme, describing the achievement as a key milestone in promoting a savings culture.
Further, Ruto hailed the fund’s fully digital operations, saying all lending and repayment processes have been digitised.
The update comes weeks after the government announced plans to introduce enhanced credit products to allow qualifying borrowers to access larger loans from banks and other financial institutions beyond the limits currently offered under the Hustler Fund.
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