President William Ruto has today, Wednesday, November 30, presided over the launch of the Hustler Fund, which aims to support small-scale traders. During the event held at Green Park Terminus, Nairobi, some traders shared their inspiring stories.
Kenyans aged 18 and above can access the Fund with a valid Identification Card (ID) and a registered mobile number. The borrower must also have a registered mobile account, e.g. M-Pesa, Airtel Money, or T-Kash. One will need to dial *254# to access the fund.
The minimum limit for personal loans has been set at KSh 500, while the maximum is KSh 50,000, subject to the borrower's credit score.
The fund has a repayment period of 14 days at an interest rate of 8% per day. Borrowers who won't repay within the period will be offered an extra 15 days, but the interest rate will increase to 9.5% annually. If the borrower defaults by more than 30 days, their Hustler Fund account will be frozen, and their accumulated credit scores will be lost.
Deputy President Rigathi Gachagua joined other leaders during the official launch of the Hustlers Fund. During the function, some small-scale traders were present to showcase their business ahead of the fund launch, which was one of the major campaigning pledges by the Kenya Kwanza team.
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