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President Ruto on Friday said at least 800,000 Kenyans have defaulted on their Hustler Fund loans.
While giving an update on the Hustler Fund, Ruto indicated that the defaulting was recorded between November 30th, 2022, when the fund was unveiled, and February 2nd.
“About 800,000 are behind schedule in payment but it is my hope that they will refund to be able to borrow more,” he said.
Ruto pledged to increase the loan limit of six million out of the 14.2 million Hustler Fund subscribers regularly serving their loans.
“I also committed to the people of Kenya that beyond saving, every member who borrows on Hustler Fund, if they repay, will have an opportunity to borrow more,” he said.
“Of the 14.2 million, we have identified 6 million of them to increase their credit limit. Some of you will access double what you have been accessing, another 8 percent of what you have been accessing.”
The president further said they will be reviewing credit limits after every four months in a bid to raise individuals’ limits.
“We are going to review the credit limit of every member every four months. We will add an additional ceiling for you so that we can grow everybody,” President Ruto said.
The fund has attracted over 18 million Kenyans, with Sh17 billion borrowed while savings have hit Sh850 million, Ruto said.
The Hustler Fund aims to provide loans of between Sh500 and Sh50,000 to low-income earners to invest in their businesses. The loan attracts an annual interest rate of 8% calculated per day, with the repayment period capped at 14 days.
When a customer borrows, the approved loan is sent directly to their mobile money account, deposits 95% of it in their money wallet, and the remaining 5% in their savings account. The 5% that goes toward the savings plan is split into 30% for short-term savings and 70% for long-term (pension) savings.
If the loan is not repaid in 14 days, the customer’s credit rating is affected and the customer is given 15 more days and if the loan is not repaid, the interest rises to 9.5% per year
After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen.
Comments
Imara,
Yeye ndiye raisi wa Kenya. Fullstop
Duly elected
By Kenyan people wenye hawarambi matako ya wazungu na baba kama wewe💩
@ Thicwo Hakiri ni kîrîmû, mûici na kîhî.
@Thicwo Hakiri:
Nilifanya makosa makubwa sana kukujibu barua yako ambayo inaonesha ya kwamba, wewe hujui tafauti ya ukweli na uongo.
Kwa nini?
Michelle Obama alisema, iwapo mtu anasema au kufanya mambo ya ajabu, usijishughulishe kumjibu mtu kama huyo. Kwa nini? Utatatumbukia kwenye kisima alichomo cha ujinga kama yeye.
Naomba radhi Ndugu: sitakujibu tena utakapoandika hapa. Nakuomba Kwa heshima usituchafulie “Mwakilishi” kwa kuwa mwepesi kuwatukana watu ambao hawakukutukana.
Thicwo is an obscenity in Kikuyu. Please cease using the word here.
So what are you gonna do about Ruto? You have a severe verbal diarrhea ruto! Those who have not paid will not pay, just like you have not paid the money you have stolen. Kimia wewe mwizi.
Nothing to copy here
He is the president of kenya
Raisi wa kenya
Si raisi mteuliwa… raisi wa kenya na ako na mamlaka
Take it or leave it Ruto is the president of the Republic of Kenya
Baba alituambia tusilipe. Mimi silipi.
You don’t have to
HE Is THE DULY KENYA PRESIDENT. EECTED BY THE PEOPLE OF KENYA…INSPITE OF THE NAYSAYERS HE WAS ELECTED!
Hesabu hizo 800k kama kura za 2027 bila jash0
Mangi or others
Dude
You are entitled to your own opinions
…whether right or wrong….
Corruption is like a cancer.. Common Mwanachi will always suffer.. killing their dreams.. unless we widely out all old politicians 2027
800,000 people are still at the bottom while about 17 million people are running thriving businesses.
Good to know.
Hustler fund a great idea despite poverty and lack of self financial discipline. Big up
What did you expect.People are unemployed and hungry.They will do what they have to do just like the ninja mortgages in the states this thing will backfire big time.Not everyone can run a profitable business and if the conditions to get this loans is easy yes there will be joyriders furthermore all those crooks that are having their loans forgiven including your DP are no better there are no rich or poor thugs just thugs that is why no matter how much you collect in taxes the theft and corruption will continue the people are aping their leaders steal until there is no more to steal Fagia yote kabisa
Create jobs and hire them.
Ha ha ha , what did he expect. Who advises this dude on such stupid not well thought of ideas.
AZimio brigades unleash all your emotions & hate whatever you want to but hakuna kitu mtafanya....WSR & Riggy G wako top of the hill now...
Forgive the defaulters as you forgive your deputy and Muthoni wa Ruto and other thieves. Wananchi pia deserve your forgiveness.
What do you expect when you liberally dole out funds to credit unworthy people?Banks wouldn't do that.Another borrowing disaster I have detest is the borrowing of money on Mpesa accounts.Customers run up their accounts then someone opens another one for them another account,run it up and the circle continues.People are have become good at spending and not at saving.THe most unfortunate thing is that most spend beyond their earning capabilities.Most people are living on credit.It never used to be like this.This is a dangerous trend for the economy.We cannot just keep borrowing like the government does.At least the government makes us pay tax.
CRITICAL THINKING SKILLS or lack of it !
The people of Kenya are now paying dearly as a result of having the late professor of politics (Toroitich) students elected and now in power. This could not have happened had Wafula Arap Chebukati read Chapter 6 of our constitution and barred them most of them from running for any public elective office.
The following are graduates of Toroitich "invisible university" of politics:
1. Musalia Mudavadi
2. Rigathi Gachagua
3. Uhuru Ngina Kamau
4. Samoei Arap Ruto
5. Jirongo
6. Kalonzo
Let us make sure that come 2027 all graduates of Toroitich "academy of inefficiency" are permanently booted out of office and not allowed to run for any public elective office.
Sasa wewe umekuwa rais wa Kenya. Ningependa kujua, Je, ni lini Jumba La Makumbusho (museum) litajengwa Eldoret ili kuwakumbuka watoto, wazee, na akina mama walioteketezewa katika Kanisa la Kiambaa huko Eldoret 2007?
Nimetilia mkazo umuhimu wa ujenzi wa jumba hili kutokana na msemo mmoja wa mwanafilosofia mmoja Hayati George Santayana ambaye alisema:
" Those who cannot remember the past are condemned to repeat it."
-George Santayana, The Life of Reason, 1905
Wakati magaidi wa kigeni walipobomoa afisi ya Ubalozi wa Marekani katika jiji la Nairobi Agosti 7, 1998, watu 224 ambao hawakuwa na hatia yoyote waliuawa na wengine 4,500 wakapata majeraha makubwa kwenye miili yao.
Majina ya wote waliouawa yanaweza kuonekana hadharani ili janga hili lisije likasauliwa na wote walio hai sasa.
Ningependa kuona majina ya watu wote walioangamia kwenye kanisa hili yameandikwa na kuonekana wazi na wananchi wote ili tusije tukawasahau milele na milele. Tukiwasahau, ni rahisi sana na janga kama hili kufanyika tena kwenye Jamhuri yetu ya Kenya.