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Friday, February 3, 2023 –Hustler Fund defaulters may end up losing their respective accounts according to the new repayment terms announced by President William Ruto.
Addressing today Friday February 3 in Nairobi’s South C where he was commissioning the Police Sacco Stadium that has a capacity of 5000 persons, Ruto encouraged those wishing to borrow from the kitty to be honest with their intentions to save themselves from losing their accounts.
“After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen,” Ruto announced.
The head of State revealed that out of 18 million Kenyans who registered on the Hustler Fund programme recently launched by his government, 800,000 had already defaulted in payments.
“About 800, 000 are behind schedule in payment but it is my hope that they will refund to be able to pay more,” the President added.
He used the opportunity to promise an increase in the Fund loan limit as his government wades through economic turmoil to see that there is an affordable credit scheme for everybody.
The financial project which has entered its second phase is targeting to empower small businesses with between sh 100,000 and sh 2.5 million.
Addressing during the event held today, Co-operatives and MSMEs Cabinet Secretary Simon Chelugui mentioned that this is a promising project that will be sustainable as time goes by.
When it was first launched, one could only access between sh 500 and 50,000 only depending on repayment history.
