President Ruto sets Conditions for the Hustler Fund

President Ruto sets Conditions for the Hustler Fund
Photo: Courtesy// President Ruto while addressing Kenyans at Uhuru Gardens on Mashujaa Day

Thirty seven days since President Ruto’s swearing in, Kenyans are eager to see him address several aspects as stipulated during the campaigns. On eof this promise is the actualization of the “Hustler Fund”. The hustler fund is set to be launched on December 1.

While most Kenyans thought that the hustler fund is free, the president has said otherwise whilst setting conditions for the same.

The President has set conditions for millions of ‘hustlers’ eagerly awaiting the Sh50 billion a year Hustler Fund. 

During yesterday’s Mashujaa Day Celebrations, Dr Ruto noted that hustlers will have to participate in a pensions program in order to access the hustler fund, which he had said was a credit will low interest rates.

“All borrowers on this platform will also participate in a short-term savings plan and long-term pensions program. Every saving made by borrowers on this platform will be merged by the government of Kenya on a 2:1 ratio to a level to be determined by the program,” President Ruto said.

Dr. Ruto acknowledged that many Kenyans needed access to affordable credit badly and had high hopes for his campaign pledges, but he also said that both individuals and businesses will be able to use credit products.

"Credit products will be available to small businesses on digital platforms at affordable rates to individuals and through chamas, groups, Saccos and cooperatives," he said.

According to president Ruto, the government is using the fund to grow pension contributions in extension of its recent efforts to push the increase of National Social Security Fund (NSSF) contributions from the current Sh. 200 to about Sh. 2,000, which had been declared unconstitutional by the High Court.

“Already, expectations are very high across the country on our promise to provide a fund that will offer affordable credit to those at the bottom of the pyramid. We are aware that the most significant question in the streets, boda boda parking lots and fresh produce markets is: WHEN will the Hustlers Fund become operational? I have an answer for you today. I will launch this Hustler Fund credit and savings product on the 1st of December this year,” the President said in his Thursday afternoon address.