H.E. President Dr. William Ruto led celebrations marking the first anniversary of the Financial Inclusion Fund, commonly known as the Hustler Fund.
During the event, President Ruto emphasized the fund’s achievements in availing affordable credit of 36.6 Billion to 21.7 million Kenyans and Sh2 billion in savings, steadily growing each day. Additionally, the fund has disbursed Kes. 167 million to 23,000 groups registered with MSEA.
The President announced the raising of loan and credit limits, access to short-term savings, and matching of contributions to borrowers’ long-term savings.
Individuals who have borrowed 10 times or more will have their limitations raised by 100%, while those who have borrowed five to ten times will have the limits increased by 60%. Kenyans who have borrowed between two and five times will have their borrowing limits extended by 40%.
Kenyans will also be allowed to withdraw 30% of what they have saved, with the remaining 70% going into a long-term savings plan. Those who do not withdraw their funds, on the other hand, will have their credit limits increased within a month.
The President H.E Dr. William Ruto, Deputy President H.E. Rigathi Gachagua, EGH, Cabinet Secretary for Co-operatives and MSMEs Development Hon. Simon Chelugui, Principal Secretary of the State Department for MSMEs Susan Mang’eni, MSEA Board Chairman Mr. James Mureu, MSEA Director General Mr. Henry Rithaa Ag Hustler und CEO Elizabeth Nkukuu and MSEs during the celebrations
This revolutionary Fund, in its transformative role, has been a catalyst for deepening financial inclusion through the provision of low-interest credit to individuals and groups.
Accompanying the President were Deputy President H.E. Rigathi Gachagua, EGH, Cabinet Secretary for Co-operatives and MSMEs Development Hon. Simon Chelugui, Principal Secretary of the State Department for MSMEs Susan Mang’eni, MSEA Board Chairman Mr. James Mureu, and MSEA Director General Mr. Henry Rithaa among other dignitaries.