President William Ruto on Friday, February 3 revealed that some 800,000 Kenyans have defaulted on the government-sponsored loan, the Hustler Fund.
The president said the defaulting was recorded between November 30, 2022, when the Hustler Fund was launched, and February 2, 2023.
Speaking in South C, Nairobi, during the 50th Anniversary Celebrations of the Kenya Police Sacco, President Ruto said some 18 million Kenyans have so far benefited from the Hustler Fund.
Some 14.2 million Kenyans have serviced their loans, while 800,000 defaulted, said the Head of State.
Out of the 14.2 million good borrowers, six million of them will get an increase in their loan limit because of good borrowing habits.
“From tomorrow (Saturday 4, 2023), they will access more money,” the president said.
Ruto stated that the review of Kenyans’ credit scores will be done after every four months.
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“Some of you will even access double of what you have been accessing,” said the president, adding: “some of you will access an additional 80 per cent of what you have been accessing.”
According to the president, the fund has so far disbursed Sh17 billion to borrowers.
In March 2023, a Hustler Fund programme dedicated to Saccos only will be launched, said Ruto.
One’s credit score will guide how the government disburses funds to respective borrowers.