William Ruto: Govt Raises Hustler Fund Limit For Over 1.2 Million Kenyans

• The Hustler Fund, launched by President William Ruto, celebrated its first anniversary on Thursday, November 30, 2023
• Ruto promised to reward consistent borrowers of the KSh 50 billion flagship project by increasing their loan limit
• The head of state noted that more than 1.2 million Kenyans can now access more funds from the kitty

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

More than 1.2 million Kenyans subscribed to the Hustler Fund can now access more funds from the kitty.

This is after the government increased their loan limit following the first anniversary celebrations.

How much can Hustler Fund subscribers get?

President William Ruto said the scheme is rewarding Kenyans who have continuously saved, borrowed and repaid diligently.

"The Hustler Fund is rewarding Kenyans who have saved, borrowed and repaid diligently with enhanced credit limits. More than 1.2 million Kenyans are relieved as we keep our promise to enhance credit limits to enable them to borrow more," Ruto said in tweet on Thursday, December 7.

Ruto maintained that his administration will continuously enhance the product and limits to borrowers as it reviews customer loyalty.

Cooperatives and MSME Development CS Simon Chelugui promised to double the loan limit for consistent borrowers and increase their savings by up to KSh 3,000.

Chelugui noted that borrowers with a loan limit of KSh 6,000 will automatically get a limit of KSh 12,000.

Hustler Fund statistics in one year

Chelugui revealed that the kitty registered one million consistent borrowers out of the 19 million users who have borrowed ten times.

The scheme disbursed over KSh 39.5 billion in the past year, receiving KSh 28 billion as repayment.

The number of repeat borrowers increased to 7.5 million customers.

Hustler Fund savings grew to about KSh 2 billion during the same year under review.

CS Chelugui revealed that the highest Hustler Fund borrower has KSh 225,000 in savings.

The savings in the kitty come from 5% of the loan amount disbursed to the borrower.