Hustler Fund borrowers who have been making timely loan repayments will reportedly access higher limits next month.
A report by the Nation daily indicates that Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui said the Hustler Loan limits will increase in the rollout of the second phase set for February.
Speaking during Yetu Sacco annual general meeting in Meru on Wednesday, Chelugui said the government is on course to roll out lending through groups and Savings and Credit Cooperatives (Saccos).
The CS noted that as of Wednesday, Kenyans had borrowed more than Sh15.9 billion. Sh7.7 billion has since been repaid.
More than 18.4 million Kenyans have subscribed to the Hustler fund, with 5.6 million subscribers borrowing multiple times.
“We are finalising development of the second phase of Hustler Fund that will see borrowers access between Sh100,000 and Sh2.5 million. We are encouraging Saccos to apply to disburse the funds in the second phase,” the CS said.
Chelugui said as part of the effort to boost the Saccos, plans are at an advanced stage to establish a central liquidity system.
“So far, about 52 out of the 360 Saccos under SASRA have shown interest in having a central liquidity system. This will enable Saccos clear cheques among themselves without using banks. We are also working on a credit guarantee scheme to protect members from any eventualities,” he said.