Loans –Those who will default to repay their Hustler Fund loans will permanently lose their accounts. New repayment terms have been introduced.
Addressing today Friday February 3 in Nairobi’s South C where he was commissioning the new Police Sacco Stadium, President William Ruto encouraged those wishing to borrow from the kitty to be honest with their intentions since lack of repayment could lead to one losing his or her account.
“After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen,” Ruto announced.
In his speech, the head of State revealed that out of 18 million Kenyans who registered on the Hustler Fund programme recently launched by Kenya Kwanza government, 800,000 had already defaulted in payments.
“About 800, 000 are behind schedule in payment but it is my hope that they will refund to be able to pay more,” President Ruto said.
He used the opportunity to promise an increase in the Fund loan limit to those who will be genuine borrowers as his government wades through economic turmoil to see that there is an affordable credit scheme in the country on which struggling people can borrow and repay with ease.
The financial project which has entered its second phase will be empowering small businesses with between sh 100,000 and sh 2.5 million.
On his part, Co-operatives and MSMEs Cabinet Secretary Simon Chelugui mentioned that this is a project that will be sustainable as time goes by since borrowers are finding value in the loan.
It started with an access to only sh 500 to sh 50,000 repayable in 14 days period.
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