President William Ruto has announced that the government will increase Hustler Fund Loan limit for users.
Speaking on Thursday during the Hustler Fund First Anniversary celebrations, Ruto said that the move is due to demand from Kenyans who request and pay diligently.
The President said that by the end of Thursday, the loan limit of Sh1.2 million for regular borrowers will be enhanced.
“Kenyans who have borrowed over ten times, your loan limit will be increased by 100 per cent. I’ll give an example of someone who has a loan limit of Sh1, 600 by evening they will have a limit of Sh3, 200. The one with Sh5,000 loan limits will move to Sh10,000,” he said.
The President added that Kenyans who have borrowed between five and ten times will have their loan limit will enhanced by 60 per cent.
Those who have borrowed between two and three times will have their loan limit increased by 40 per cent.
Ruto said that borrowers will be able to access the information about their loan limits through their mobile phones.
The head of State added that for Kenyans who have saved they will be able to withdraw 30 per cent to use the money for bossiness.
Ruto said that those who will not withdraw their savings, the government will use their savings to increase the loan limit after one month.
The President added that there is a problem with savings culture in the country saying that there is need to start saving.
Ruto launched Hustler Fund on November 30, 2022 with the aim to directly empower the Micro and Small Medium Enterprises (MSMEs).
