Hustler Fund loan limits to be increased every three months - CS Chelugui

 

Simon Chelugui, the Cabinet Secretary for Cooperatives and Micro and Small Businesses

According to Simon Chelugui, the Cabinet Secretary for Cooperatives and Micro and Small Businesses, Kenyans who have enrolled in the Hustler Fund would be qualified for a larger maximum after three months.

On Thursday, March 9, Chelugui indicated on a local television station that the cap will rise after three months of effective financing and debt repayment.

"Term restrictions will grow every 3 months, so Kenyans should take out loans and swiftly return them to be eligible for something like an increase," he said.

As of March 6, 2023, more than Ksh 21 billion had already been distributed from the Hustler Fund.

Chelugui said that just four months after the fund's first phase was introduced, more than 18 million Kenyans had enrolled.

It's a positive testament that money is moving at the base of the pyramid, he added, that Ksh22B is in circulation.

Chelugui on the CRB's CS ranking More than 10% of Kenyans, according to Chelugui, have had their names removed from the Credit Reference Bureau (CRB), which has instilled a savings culture among Kenyans.

"We have removed six million Kenyans off the CRB, and we are also fostering a culture of saving among Kenyans," he said.

A fundamental component of President William Ruto's revolutionary economic system is the microcredit fund, which targets poor workers by providing them with accessible financing that includes both investments and loans.