Kenyans have saved Ksh2 billion on Hustler Fund- Ruto

By , K24 Digital
On Thu, 30 Nov, 2023 13:33 | 2 mins read
President William Ruto
President William Ruto during a past function. PHOTO/@WilliamsRuto/X

President William Ruto announced that Kenyans have collectively saved a total of Ksh2 billion within the first year of the launch of the Hustler Fund.

Speaking during the project's first-year anniversary celebrations held at Railway Club Grounds on Thursday, November 30, the Head of State commended the loan scheme noting that it has instilled a savings culture among Kenyans.

"Kwa iyo 5% ya savings ya kila Mkenya, now we have Ksh2 billion as a savings component of the Hustler Fund," Ruto declared.

The Hustler Fund was launched on November 30, 2022, with the goal of directly supporting and strengthening Micro and Small Medium Enterprises (MSMEs).

Ruto said a total of 21.5 million Kenyans are active on the loan platform.

According to the Head of State, approximately 19 million Kenyans have borrowed a total of around Ksh39.6 billion, with Ksh 29 billion successfully repaid.

He noted that 8 million individuals are returning customers, and within this group, 5 million have taken out loans more than five times, fulfilling their repayment obligations.

He also said there are 1,000 people who have borrowed over 100 times.

Kenyans can withdraw 30% of their savings

Ruto also announced that Kenyans who have been actively saving and borrowing from the Hustler Fund can now begin redeeming their savings.

He said that those who wish to access their savings are allowed to withdraw 30 per cent of their savings.

The Head of State also revealed that the remaining 70 per cent of the savings will be kept in a long-term savings account to encourage the savings culture of citizens.

"Those who have been saving, today have been allowed to withdraw 30% of their savings to conduct their businesses. 70% will be kept in your long-term savings. We want to improve the saving culture of Kenyans," Ruto stated.

"And if you do not withdraw, after one month, we will use it to increase your borrowing limit. It's your choice. Vile utaamua, tutaheshimu uamuzi wako," he added.

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