Nairobi senator Edwin Sifuna has encouraged Kenyans to default on the newly launched Financial Inclusion Fund otherwise known as Hustler Fund on this condition.
According to him, the fund launched on Wednesday, November 30 by President William Ruto was intended to be a grant targeted for low-income earners but met subsequent updates and what Kenyans received was a loan meant to be paid within a period of 14 days.
The senator now says Kenyans should default the loan since the campaign promise was 'dangled in front of us'.
"Help Ruto keep his own promises. Convert that loan into the grant he promised. He will do you nothing. Happy Sabbath," Sifuna tweeted.
During the launch, the President said loan defaulters will not be listed on CRB, and will have another chance of reborrowing.
"The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment," Ruto said.
How to get Hustler Fund
The Hustler Fund's Ksh50 billion kitty is accessible to all Kenyans and money is given according to the borrower's credit score.
To access the fund, Kenyans are required to dial USSD code *254#.
The service will also be accessible through mobile application platforms of any of the telcos including Safaricom, Airtel and Telekom.
To register, users will be prompted to enter their ID number before receiving a confirmation message.
Kenyans will for now, be able to access a personal loan of between Ksh500 to Ksh50,000 at an annual interest of 8.0 per cent.
President Ruto, who presided over the launch, said in February 2023 the government will launch the second product dubbed micro-loan which will allow individuals to borrow from Ksh50,000 to Ksh500,000.
Those in groups will be eligible for a loan limit of Ksh10 million.
In April, the government will launch another product targeted at Saccos regulated by the Sacco Regulatory Authority (SASRA). The product will allow Saccos to borrow from Ksh10 million up to Ksh100 million.
"Every 60 days we will launch a product to empower Kenyans to do business," Ruto said further pledging the Kenya Kwanza administration's commitment to safeguarding traders against shylocks charging unreasonably high-interest rates.