President William Ruto has voiced concerns about the borrowing cap imposed on the Hustler Loan Fund.
During a speech in Machakos on Monday, Ruto shared an incident where his barber questioned the lack of an increased borrowing limit despite his extended usage of the loan service.
According to Ruto, the barber said that despite the prolonged use of the Hustler Loan, which contributed to the growth of his savings portfolio, the borrowing limit had remained unchanged.
“My barber came to do work on the little that is left on my head. He told me, ‘Mr President at the moment I have Sh5,600 as savings in the Hustler fund account. Why is it that my borrowing limit is still Sh5,000?'” Ruto narrated.
Adding: “Why don’t you consider the fact that I have saved even past the required limit and increase it?”
President Ruto acknowledged that it was a good question that he did not have an answer to.
“I was very honest that I didn’t have an answer for him at that point,” Ruto said.
Nevertheless, the President disclosed that he has already raised this inquiry with the relevant authorities, including the Cabinet Secretary, Safaricom, and other stakeholders.
“I need them to respond because we need to answer that gentleman because when next he comes to visit, he needs an answer,” Ruto said.
The President noted that inquiries like these highlight the awareness among many Kenyans about the significance of having access to affordable credit.