Politics

PR stunts mark the launch of Ruto’s Hustler Fund

Published

2 years ago

November 30, 2022

President William Ruto has launched Hustler’s Fund, one of his key flagship projects he promised voters during the last campaigns. Hustler’s fund is expected to provide 500 times cheaper loans to Kenyans with a daily interest rate of 0.002 per cent.

President Ruto said the fund has four categories of loans including personal finance, microloan, SMEs and start-ups. Personal loan ranges from Ksh500 and Ksh50,000, and should be repaid within 14 days, but SMEs and start-ups can access loans of up to Ksh250,000.

Loan limits will be determined by one’s credit scores, with the duration taken to service a loan playing a major factor in processing future loans.

The event held at the Green Park Bus Terminus in Nairobi marked the day that Kenya Kwanza administration fulfilled one of its biggest campaign pledges and it was also filled with PR Stunts and drama.

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Deputy President Rigathi Gachagua was a lead actor when he bought a shirt for Sh50,000 from a trader who was planted as one of the props at the launching venue.

The DP was called to the podium and asked to purchase a shirt which he took then the Master of Ceremony told him to pay Sh50,000 for.

The outspoken Trade Secretary Mr. Moses Kuria also bought a shirt at Sh60,000 while President Ruto purchased maize from a ‘hustler.’

The Hustler Fund aims to lift ordinary Kenyans to have easy access to affordable credit to grow their businesses. The government is also using it as way of creating jobs, strengthening the economy and empowering investors both domestically and internationally.

Disbursement of the Sh50 billion annual Hustlers’ Fund kitty will start on Thursday. The fund which will be available for individuals, groups, small enterprises and co-operatives will be offered at a one-digit interest rate of 8% per annum.

President described the fund as one that will give Kenyans blacklisted by money lending apps and M-Swari, a second chance to access loans. He also added that it will be cheaper, compared to what other lenders are currently offering.

Crafters of the fund describe it as an initiative meant to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs) in the country.

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