State House Spokesperson Hussein Mohamed has said that the Hustler Fund will bring to an end the exclusion of poor Kenyans from accessing financial services.
In a statement on Wednesday, Hussein said the fund will not only be about access to affordable credit.
He added that the fund will also free Kenyans from enslavement by the predatory lenders that have existed in the past.
"From promise to reality, President William Ruto today ushers in a new dawn; the launch of the Hustler Fund. It will not only be about access to affordable credit, but also ending the exclusion of Kenyans at the bottom of the economic pyramid from accessing crucial financial services. The fund will also free Kenyans from the bondage of predatory lenders," Hussein stated.
His sentiments come just hours before the scheduled launch of the fund that was central to President William Ruto's campaigns on Wednesday.
The fund will be launched at the Green Park bus terminus.
The Cabinet on Tuesday approved the launch of the Hustler Fund during the third Cabinet meeting chaired by President William Ruto.
The Sh50 billion kitty is expected to offer much-needed relief to over eight million Kenyans who had been blacklisted by various credit rating agencies.
"The Hustler Fund is part of the administration’s answer to predatory lending that historically has denied many households an opportunity to make their rightful contribution to nation building," a dispatch from State House said soon after the meeting.
Loans from the kitty for small businesses will be capped at Sh50,000 and offered at an annual interest rate of eight per cent on a pro-rata basis.
