According to Hussein Mohamed, spokesman for the State House, the Hustler Fund will abolish the exclusion of low-income Kenyans from financial services.
Hussein said in a statement on Wednesday that the fund would focus on more than just easy access to finance.
He continued by saying that the fund will also release Kenyans from the slavery of the predatory lenders that have previously existed.
“From promise to reality, President William Ruto today ushers in a new dawn; the launch of the Hustler Fund. It will not only be about access to affordable credit, but also ending the exclusion of Kenyans at the bottom of the economic pyramid from accessing crucial financial services. The fund will also free Kenyans from the bondage of predatory lenders,” Hussein stated.
“The Hustler Fund is part of the administration’s answer to predatory lending that historically has denied many households an opportunity to make their rightful contribution to nation building,” a dispatch from State House said soon after the meeting.
Loans from the kitty for small businesses will be capped at Sh50,000 and offered at an annual interest rate of eight per cent on a pro-rata basis.
