Hustler Fund loans to be reviewed, defaulters locked out from credit rating

Hustler Fund photo

 

Cabinet Secretary for Cooperatives and MSME Development Simon Chelugui said that the Hustler Fund loan limit would be looked at again the following week.


Speaking to Hustlers during a Christmas party he threw at his Kisanana, Baringo County residence, CS Chelugui gave them the assurance that the limitations will be revisited at the end of the month.


But he said that the evaluation will be based on the borrower's history of timely repayment.


"People who accepted the money but didn't pay may get lost in the process. It's possible that's where their voyage ends "On Tuesday, he said.


So far, according to CS Chelugui, progress has been excellent.A total of Sh11.3 billion had been distributed as of Tuesday morning, and Sh4.1 billion, or 37%, had been repaid.


President William Ruto announced the Financial Inclusion Fund on November 30. Since then, 17.2 million Kenyans have signed up and are now able to use the fund.


A total of 20 million transactions have resulted in the savings account reaching Sh570 million so far. 4 million Kenyans in total. 


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