• Saturday, 22 June 2024
Ruto: You can use the 'Hustler Fund,' but there is one catch...

Ruto: You can use the 'Hustler Fund,' but there is one catch...

President William Ruto has imposed a condition on the millions of 'hustlers' who are eagerly awaiting one of his most important campaign promises: the Sh50 billion Hustler Fund.

Dr Ruto stated in his Mashujaa Day speech that 'hustlers' will have to participate in a pensions program in order to access the cheap credit.

"All borrowers on this platform will also be enrolled in a short-term savings plan as well as a long-term pensions program." Every savings made by borrowers on this platform will be matched 2:1 by the Kenyan government to a level determined by the program, according to President Ruto.

This means that the government is using the fund to increase pension contributions as part of its recent efforts to increase National Social Security Fund (NSSF) contributions from the current Sh200 to around Sh2,000, which the High Court has blocked.

The program's implementation will reveal whether the previously unknown condition encourages or discourages the disbursement of cheap credit to sectors and individuals who have long been excluded.

He stated the condition while announcing the December 1 launch of the Hustler Fund credit and savings product.

"Expectations for our promise to provide a fund that will provide affordable credit to those at the bottom of the pyramid are already very high across the country." We are well aware that the most pressing question on the streets, boda boda parking lots, and fresh produce markets is: WHEN WILL THE HUSKERS FUND BECOME ACTIVE? Today I have an answer for you. "On December 1st of this year, I will launch this Hustler Fund credit and savings product," the President said in his Thursday afternoon address.

"Expectations for our promise to provide a fund that will provide affordable credit to those at the bottom of the pyramid are already very high across the country." We are well aware that the most pressing question on the streets, boda boda parking lots, and fresh produce markets is: WHEN WILL THE HUSKERS FUND BECOME ACTIVE? Today I have an answer for you. "On December 1st of this year, I will launch this Hustler Fund credit and savings product," the President said in his Thursday afternoon address.

 

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