President William Ruto has warned that there will be repercussions for individuals who default on loans from the Financial Inclusion Fund, commonly known as the Hustler Fund.
Speaking Sunday, the President outlined his government’s strategy to deal with Hustler Loan defaulters, saying they will not be able to escape.
Ruto said defaulters of personal loans will not be eligible to apply for group funding as they cannot make a second transaction if they have a pending payment on the platform.
“We have increased money for borrowing and we have said that there is an option to borrow as groups and we will give you between Sh.20,000 to Sh.1 million you plan yourselves. There is just a small problem before we have given you that Sh20,000 you will first need to pay the Sh.500 which you borrowed the first time,” he said during a thanksgiving service in Ukunda, Kwale county.
Ruto expressed confidence that this approach will control defaulters, emphasizing that his government will not allow a small group of individuals to enjoy unfair advantages in borrowing while others have dutifully adhered to the established guidelines and repaid their loans punctually.
“You cannot escape that. Even when you plan I am not sleeping, I am also planning on my end. Even if it were you, if a person has made away with Sh.500 will you give them Sh.20,000?” the president posed.
Adding: “You’re the one to decide. If you want to borrow first pay the amount you went away with. You have nobody to blame for the opportunity if you destroy it yourselves.”
