President William Ruto has disclosed the methodology for raising loan limits for dedicated Kenyans engaged in the Hustler Fund initiative. The adjustments will be based on the frequency of borrowing by individuals since its launch in 2022.
The Head of State said Kenyans who have borrowed from the fund on ten occasions can expect a 100% increase in their loan limits.
Those with more than five borrowings will see a 50% boost in their loan limits, while clients who have borrowed more than twice should expect a 40% increase in their loan limits.
“We are increasing the Hustler Fund borrowing limit and this will apply to 1.2 million regular borrowers today,” he said on Thursday during Hustler Fund’s first-anniversary ceremony in Nairobi.
Additionally, Kenyans will have the option to withdraw 30% of their savings, accessible each 31st day of December. The remaining 70% will be allocated to a long-term savings plan.
Meanwhile, Hustler Loan borrowers opting not to withdraw their savings will see their credit limits doubled within a month.
“If you borrow and have savings, the government will match it. You must have borrowed at least five times to demonstrate your commitment to the Hustler Fund,” Ruto said.
Kenyans who have accumulated savings of Sh6,000 or more will receive Sh3,000, while those with lower savings will receive a matching ratio of 2:1.
The government says the Hustler Fund has disbursed at least Sh.39.5 billion, benefiting 21.7 million Hustlers. Repayments amounting to Sh.28.7 billion have been made, with Sh.2 billion contributed to savings. The fund boasts over 7.5 million repeat customers.
“The seven million Kenyans who were condemned under the Credit Reference Bureau (CRB) have been absolved. They are now accessing credit from the Hustler Fund, where there’s no condemnation if they don’t pay on time. One day, we are going to write a book about it,” Ruto prophesied.
Hustlers will be notified of their enhanced loan limits through online channels.