Government Introduces Hustler Fund Reforms
These initiatives reflect the government’s dedication to leveraging technology and innovative financing to create a more inclusive economy.
President Ruto introduced Hustler Fund reforms to enhance credit access. Photo/William Ruto.
President William Ruto has unveiled significant reforms to the Hustler Fund aimed at improving financial access and flexibility for millions of Kenyans.
Speaking during the fund’s second anniversary celebrations at the Kenyatta International Convention Centre (KICC) in Nairobi, the President emphasized the government’s commitment to empowering small-scale traders and low-income earners through innovative credit solutions.
Central to the reforms is the introduction of a behavioral credit rating system designed to reward responsible borrowers.
The system evaluates the borrowing and repayment habits of beneficiaries, assigning them scores that determine their eligibility for expanded credit.
Borrowers who repay loans within the stipulated 14-day period will enjoy improved credit access and other financial benefits.
“This system is a game-changer,” President Ruto remarked. “It creates a pathway for disciplined borrowers to graduate to larger loans and better terms, fostering a culture of accountability and trust between borrowers and lenders.”
Another milestone announced during the event was the launch of the Bridge Loan product, a new offering under the Hustler Fund.
This product aims to further incentivize good borrowing behavior by enabling qualified borrowers to access larger loan amounts and longer repayment periods.
“This initiative underscores our commitment to making credit not just accessible but sustainable,” the President stated. “The Bridge Loan will ensure that hardworking Kenyans have the financial muscle to scale their businesses and improve their livelihoods.”
The Bridge Loan product is expected to benefit small businesses and informal sector players, providing them with the resources needed to grow and navigate financial challenges effectively.
Since its inception, the Hustler Fund has become a cornerstone of President Ruto’s economic empowerment agenda. It targets low-income earners and small traders who often lack access to traditional financial services.
Over the past two years, the fund has disbursed billions of shillings in loans, positively impacting lives and businesses across Kenya.
The introduction of the behavioral credit rating system and the Bridge Loan product marks a new chapter in the fund’s evolution.
These initiatives reflect the government’s dedication to leveraging technology and innovative financing to create a more inclusive economy.
As the Hustler Fund continues to expand its offerings, President Ruto called on Kenyans to take advantage of these opportunities to enhance their financial stability and independence.
“This is just the beginning,” he said. “Together, we will build a Kenya where no one is left behind.”
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