Towards the end of his speech, the President unveiled the Hustler Chama Loan, which will be distributed through cooperatives and groups to assist members to grow their companies and raise their standard of living.
According to him, loans are being offered in this stage of the hustler program starting at a minimum of Sh50,000 and going up to Sh1 million.
Dr. Ruto described the Hustler fund’s initial phase as groundbreaking and stated that loans will be determined by the group members’ average credit scores.
The President mentioned that the Credit Reference Bureau has banned nearly 10 million Kenyans, preventing them from accessing the lending system.
The hustling fund “turned the nation’s fintech from predatory to responsive on its way to effectively becoming the biggest financial institution by number of borrowers,” Ruto added.
He pointed out that the Hustler fund had boosted the digital economy, with Safaricom noting that the money had led to the addition of over 2 million customers.
The Hustler fund has recorded 42.5 million transactions, through which 20.2 million Kenyans have accessed approximately Sh30 billion and remitted nearly Sh20 billion with 7 million Kenyans serving as consistent clients.
The President justified the fund by saying that no money had been lost and that everyone in Kenya would have access to the service without the need for bribes or collateral.
To combat exclusion and obstacles to credit savings participation, the government plans to provide funding to chamas and Saccos in the second phase of the Hustler fund.
In order to mainstream our way of life and make sure that all Kenyans are a part of the entrepreneurial revolution, he remarked, “We shall use policy and fintech.”
In response to the Hustler Fund’s personal loan product’s success, he said, the fund will now offer loans to organizations. The amount you can access and the amount you will continue to get will depend on your credit score, according to Dr. Ruto.
The Azimio la Umoja One-Kenya alliance has been opposing Ruto’s alleged unwillingness to address the high cost of living at the time of his remark.
Raila Odinga, the leader of the coalition, urged President Ruto to carry out extensive reforms in his government in order to deal with the problem. Because of internal problems inside Kenya Kwanza, Odinga underlined that Kenyans shouldn’t be subjected to exorbitant taxation.
President Ruto was urged to carry out extensive reforms in his government by the leader of the coalition, Raila Odinga, in order to address the problem successfully. In order to address internal issues within Kenya Kwanza, Odinga underlined that excessive taxation should not be imposed on Kenyans.
In his push for reform, Odinga has pleaded with the government to stop all non-essential government spending right away, including the removal of Chief Administrative Secretary (CAS) positions.
The leader of Azimio has also threatened widespread protests in an effort to get Kenya Kwanza’s administration to drop the Finance Bill 2023, which is presently being debated in the National Assembly.
The Bill, he claims, aims to further oppress Kenyans at a time when the majority are struggling financially due to the high cost of life.
