President William Ruto has said that 800,000 Hustler Fund loan borrowers have defaulted in their payments.
“Of those who have borrowed, 800,000 are behind schedule in terms of payment but I am sure they will catch up.
“We are now building a pool of savings because we are now almost at a billion shillings and it is not yet 3 months. We want to build a sense of savings in Kenya because development and investment is a function of savings,” President Ruto said.
At the same time, the President announced that six million hustler’s loan borrowers will have their loan limit increased.
Also Read: KSh17 Billion Borrowed From Hustler Fund Since its Launch
Ruto said 18 million Kenyans have enrolled for the fund with 14.2 million having borrowed and were promptly servicing.
“15 million Kenyans have borrowed and 14.2 million are servicing their loans regularly and we have lent 17 billion shillings to these members. For the last two months members of the hustler’s fund have also saved 850 million shillings,” President Ruto said.
“Out of the 14.2 million who have been servicing their loans regularly, six million will have their limit increased from Saturday.”
Ruto spoke during the Kenya Police Sacco 50th Anniversary Celebrations and opening of Police Sacco Stadium in South C, Nairobi County.
The Hustler’s Fund was launched on November 30, 2022.
