President William Ruto had the crowd cheering in Nairobi as he announced the issuance of a credit score to borrowers of the Hustlers Fund. During the 50th Anniversary Celebrations of the Kenya Police Sacco, Ruto revealed that the review would commence by the end of February 2023, and loan limits for the 6 million Kenyans using the fund would be increased, with some lucky borrowers even getting double the amount they previously accessed!
“Are you a loan A-lister or a loan D-lister? Find Out Soon!” proclaimed the President. “This financial grade will determine if you’re a top-notch borrower or if you need to step up your loan game. And don’t worry, we’ll explain exactly why you got the grade you did!”
Ruto also shared plans to unveil a microcredit Hustler Fund for Saccos, allowing different registered groups to borrow low-interest loans. “We want to help as many Kenyans as possible, so we’re launching the Hustler Fund for Saccos to join and borrow money for their members. By the end of February, the fund will be open for business!” he exclaimed.
“Savings Goals, Meet Reality!” added the President. Kenyans have saved up to Ksh850 million in the past two months, and the government has a target of Ksh1 billion in savings after two and a half months. And the best part? Joining the Hustler Fund won’t cost a penny, unlike the Police Sacco which requires Ksh2,000.
When the Hustler Fund was launched in November 2022, Ruto had exciting news for tech-savvy borrowers. Applications for the loan would be digital, and the funds would be disbursed straight to your mobile money wallet upon approval. “Saving is the key to investing in Kenya, and we’ll match your savings, for every Ksh2 you save, we’ll give you Ksh1,” he said.
Stay tuned for more updates on this exciting financial revolution in Kenya!