Kenya’s government has raised Hustler Fund loan limits, which is excellent news for borrowers who have faithfully repaid their debts.
This decision was reached because to the Hustler fund’s phenomenal growth in its first two and a half months, with 18.8 million Kenyans subscribing to the fund since its establishment.
The increase will only be available to people who have borrowed many times and repaid their debts on time.
The limit will be determined by how often a person borrows and repays their term loan, with people being rated based on their repayment history.
Individuals with enhanced limitations have seen their limits climb from Sh3,000 to Sh6,000, while those who previously received Sh5,000 are now eligible for Sh10,000.
This service has a maximum limit of Sh50,000 and will be accessible to persons with the highest limitations by mid-year.
The overall borrowings have piqued Kenyans’ curiosity, according to Simon Chelugui, Cabinet Secretary for Cooperatives and MSMEs.
He went on to say that the raise is in keeping with the President’s previous announcement.
Nevertheless, the increase will be imposed on an individual basis, depending on their record.
President William Ruto established the Hustler Fund in November of last year to assist Kenyans in obtaining inexpensive loans, promoting a savings culture, investing, and providing social protection to disadvantaged segments of society.
The Sh1.8 billion necessary for the trust accounts has already been released by the National Treasury.
Chelugui also announced the upcoming launch of the Micro Credit product, which would allow Saccos, Startups, and organizations to borrow on behalf of their members in amounts ranging from Sh250,000 to Sh2.5 million.
A total of 30 million transactions have been processed so far, totaling Sh18.5 billion; debt payback is approaching Sh10 billion; and savings account balance is now at Sh912 million.
More than 6 million Kenyans have borrowed several times from the Hustler fund.
