The Hustler Fund will be launched on Wednesday, November 30.
The Kenya Kwanza’s signature pledge is set to give eight million Kenyans a second chance to access loans at the lowest interest rate. Its Launch comes after the Cabinet on Tuesday, November 29 approved it during the third Cabinet meeting chaired by President William Ruto.
Moreover, hustler fund will provide the much-needed relief and a new lease of life to millions of Kenyans who could not access loans after having been blacklisted by various credit rating agencies.
“The Hustlers Fund is part of the administration’s answer to predatory lending that historically has denied many households an opportunity to make their rightful contribution to nation building,” a dispatch from State House read.
The initiative is set to offer them loans from as minimum as Ksh.500 to as high as Ksh. 50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
In addition, the Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui announced that all is set for the roll out, with selected Kenyans set to receive money during the trial phase.
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Furthermore, under the hustler fund regulations, the Ksh.50 billion kitty will be managed by a board comprising of; a non-Executive Chairperson appointed by the President, the Principal Secretary to the National Treasury or their representative, the Principal Secretary of the State Department responsible for Micro, Small and Medium Enterprises or their representative.
Others include the Principal Secretary of the State Department for matters relating to Trade or their representative, the Attorney General, two other persons, not being public officers who shall be appointed by the Cabinet Secretary and the administrator of the fund who shall be the Secretary of the board and ex-officio member.