The cabinet, through their chairman president William Ruto approved the launch of hustler funds by Wednesday. The 50 billion Kenyan shillings is expected to relieve over eight million Kenyans who have been blacklisted by various money lenders. From the funds,small business loans will be provided at 50,000 Kenyan shillings,from which an annual interest rate of eight per cent will be applied.
Furthermore,the funds are also expected to provide an affordable credit by charging an interest of 0.002 daily. This is said to be 500 times cheaper than the cheapest current products. Hustlers Funds will also enable borrowers to make monthly savings where the government will boost their savings by contributing half the amount. Meaning that,for every 2 shillings saved,the government will contribute 1 shillings.
The cabinet also stated that all the hustlers funds products will be will be delivered electronically,and it will not require any applicant to fill any manual form. From that statement,they assured Kenyans that the funds will be delivered without any favor.
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