Six million Hustler Fund borrowers to get increased loan limit
Six million subscribers of the Hustler Fund are now able to access more money followimg a review of their borrowing history.
President William Ruto said the Hustler Fund will review its 18 million user's borrowing history after every four months and award them with a financial grade.
He explained that the financial grade will determine their loan limit based on how they regularly borrow and repay.
"At the end of this month, every borrower will be awarded a financial grade. This will explain what makes one have a good grade," said the President.
The President also announced the launch of a new product, Hustler Fund Micro Credit, that will allow saccos and groups to borrow on behalf of their members.
"By the end of this month, the Hustler Fund will have a second product that will help those in Sacco and groups to also access low interest credit and help members grow their businesses," he said.
President Ruto made the remarks on Friday, during the Kenya Police Sacco 50th Anniversary Celebrations and opening of Police Sacco Stadium in South C, Nairobi County.
The President said the Government will support cooperative societies to improve access to credit and nurture the culture savings among Kenyans.
He said the government was working towards the itroduction of a Central Liquidity Facility and create shared services digital platform to enhance the performance of the sector.
"The ministry has been tasked with accelerating the completion of a robust legal and regulatory framework to promote a sustainable and competitive cooperative sector for socio-economic growth within the context of a devolved system of governance," he said
President Ruto lauded the Police Sacco for building a Stadium that will be utilized to nurture talents in the police service and South C area.
He appealed to SACCOs to embrace technology to enhance efficiency and improve accessibility by its members.
Present were Cooperatives and MSMEs Development Cabinet Secretary Simon Chelugi and Nairobi Governor Johnson Sakaja.