President William Ruto claimed that he has organized 200 fundraisers, and spent a total of Ksh250 million to help the boda boda sector.
Speaking during the launch of the Boda Boda Care which was held at the Kenya International Convection Sector (KICC), Ruto said that the money was from his own pocket, saying that he has spent the amount for the last nine years.
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"Nimetembea sehemu nyingi ya Kenya. Nimekuwa central, Nairobi, Coast, Nyaza, nikifanya harambee ya wanna boda boda," he stated.
"I have used about Ksh250 million for the last about seven to nine years in harambees (fundraisers) to raise money for the people in the boda boda sector."
The President added that he values and respects the boda boda sector, stating that the sector is like "any other business".
Ruto on insecurity claims
Regarding the claims that there are criminal activities fueled by the boda boda sector, the President defended the sector.
He hilariously narrated that when he heard the claims, he compared the people involved in the Kenya Medical Supplies Authority (KEMSA) scandal and the boda boda people.
He rhetorically asked whether those involved in the KEMSA scandal were people from boda boda.
"We must all agree that boda boda is a business like any other in Kenya," the President remarked.
He stated his passion for boda boda people business in general as the reason he thought it was to have the hustler fund.
Ruto on borrowing procedure
He added that he knew that the people in the informal sector are always in need of money to boost their business and required a lending platform with low interests and limited bureaucracies.
"I knew someone will be in need of Ksh200 or Ksh500 to be able to run their business smoothly, to provide food for the children and sometimes they might not have the ability to get the amount," Ruto added.
"To get the cash from Hustler Fund, you don't have to know anyone, befriend anyone or see a certain committee to be interviewed. You only need you and your phone to get the hustler fund," Ruto said.
The Head of State praised the Hustler Fund stating its 'favourable interest rates and giving a comparison to Fuliza which he said requires borrowers to pay an interest of 1 per cent per day which totalled 360 per cent per year.
He explained that the Hustler Fund now gives borrowers money at 8 per cent interest per year, which he says is a reduction compared to Fuliza.
Ruto to launch group loans
In his speech, Ruto also stated that the government is now focused on group lending, through the same Hustler Fund initiative.
"We have launched the second phase of the Hustler Fund, which will help people in groups. Each group requires a minimum of ten people," Ruto announced.
He pointed out that as of June 26, 2023, the number of registered groups is almost 100,000.
The President added that the groups will be given a loan of between Ksh20,000 to Ksh100,000, without collateral like title deeds or log books.
Ruto insisted that getting the Hustler loan even for the groups will not have any unnecessary bureaucracies.
"We have ensured that everybody's credit rating is achieved without having to push people to corners where they have to look for collateral. We are changing the collateral system in Kenya so that it is dependent on everybody's creditworthiness and behaviour," Ruto added.
With great pleasure, the President announced that within the few months since the launch of the Hustler Fund Initiative, "Kenyans have borrowed a total of Ksh31 billion".
He thanked the people for their "commitment to repaying the loans they have gotten from the Hustler Fund", adding that he is aware that the amount has boosted many businesses.
