Hustler Fund To Be Launched On Wednesday

NAIROBI, Kenya, Nov 29 – The Hustlers Fund will be launched on Wednesday, November 30, 2022, by President William Ruto.

This follows a Cabinet meeting held on Tuesday that was chaired by President Ruto.

A dispatch from the meeting shows that Cabinet touts the fund to be the answer to predatory lending that has been taking place in Kenya, which they say had denied Kenyans to contribute national building.

The fund is expected to benefit eight million Kenyans; whom Cabinet says have been blacklisted by credit rating agencies.

Kenyans who will get the fund will pay an interest of 0.002 per cent daily, which the Cabinet said is 500 times cheaper than the current cheapest lender which charges an interest of 1 – 10 per cent a day.

Cabinet expects Kenyans to contribute more to their pension from every transaction they make, with the government pledging to match every Sh2 contributed with Sh1.

The application for the fund will be done online.

Members of the cabinet also resolved to forgo a one-month salary as their contribution towards the ongoing interventions to support Kenyans affected by drought.