Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui now says Kenyans registered with Hustler Fund will be eligible to qualify for a higher limit after three months.
Speaking on a local television station on Thursday, March 9, Chelugui said the limit will, however, increase after a span of three months of successful borrowing and payment of the loan.
"Every three months, term limits will increase, so Kenyans should borrow money and repay it promptly to qualify for an increase," he stated.
So far, over Ksh 21 billion has been disbursed from the Hustler Fund as of March 6, 2023.
Chelugui further noted over 18 million Kenyans are now registered with the fund barely four months after the first phase of the fund was launched.
“With Ksh22B in circulation, it's a good testimony that there’s money circulating at the bottom of the pyramid," he said.
Chelugui on CRB listing
CS Chelugui also noted that over 10 per cent of Kenyans have been delisted from Credit Reference Bureau (CRB) and created a saving culture among Kenyans.
"We have delisted six million Kenyans from the CRB & also creating a savings culture in Kenyans," he added.
The financial inclusion fund is a key plan by President William Ruto’s new economic order that targets low-income earners through affordable credit besides credit, the fund also has built-in savings.
