President William Ruto has said that the Hustler Fund will give Kenyans blacklisted by money lending apps a second chance.
Speaking on Wednesday ahead of the fund's launch, the President said the fund will also be cheaper, compared to what the average lender currently gives.
He said Kenyans will now get a chance to borrow what they could not from mobile lending apps.
"Its 500 times cheaper than the average lender in the market," Ruto said.
"We have about 8 million Kenyans who have been blacklisted by lenders. The Hustlers fund will give them a second chance... Even those who had been sent away by lending apps, this is your chance to redeem yourself."
The President said the fund will not have applications charges pegged to it, guarantors or security to access.
Ruto added that Hustler fund interest will be for financial inclusion and one will make any profit from the interest.
He said through the fund, Kenyans will have a chance to save for pension.
"When you borrow, you will get an alert on how much your pension has grown to."
"For every Sh2 you save for pension, the government will add you Sh1," Ruto said.
He added that this first phase of the launch will see Kenyans have a maximum limit of Sh50,000.
The second phase which will launch in February 2023 will expand the limit to Sh500,000.
The President said beginning April next year, groups will be able to borrow up to Sh10 million.
