• The first phase of hustlers fund will be rolled out from November 30.
• Kenyans will be able to borrow as low as Sh500 and the maximum limit will be Sh50,000 as determined by the borrower's credit score.
Image: FILE
Deputy President Rigathi Gachagua has said that women will take up 70 per cent of the Hustlers Fund because they can pay back the money.
While speaking on Thursday during a meeting with representatives of all the 25 United Nations agencies, Gachagua said women are hardworking and honest.
"At least 50 per cent of the Hustlers Fund is reserved for the women of Kenya and even if it was not reserved, they are the beneficiaries. They will even take up more than 70 per cent of the fund," he said.
"The women of Kenya are very hardworking and enterprising. Theyalso have very high integrity. We are happy that they will take most of this funds because we know they will pay, they know the money is not for free."
Gachagua said the fund is one of Kenya Kwanza's way of implementing the Bottom Up Economy model to ensure no one is left behind.
The first phase of fund will be rolled out from November 30.
Kenyans will borrow as low as Sh500 and the maximum limit of Sh50,000 as determined by the borrower's credit score.
The programme's establishment and implementation was approved by the Cabinet during its second meeting with President William Ruto.
During his inauguration, Ruto said that the establishment of Hustler Fund will provide cheap and easy loans to the Kenyans.
"We shall implement the Hustler Fund dedicated to the capitalisation of micro, small and medium enterprises through chamas, saccos and cooperatives to make credit available on affordable terms that do not require unnecessary collateral,” he said.
Ruto said the Sh50 billion annual kitty will be channeled towards supporting micro, small and medium, enterprises (MSMEs).
The funds will be channeled through credit societies and investment groups.