Gov’t to reward Hustler Fund borrowers with 50% of their savings, Ruto says

Kenyans who have saved with the Financial Inclusion Fund, also known as the Hustler Fund, will get a boost of 50 per cent to their long-term savings, President William Ruto said on Thursday.

Under the fund, 5 per cent of every loan is directed towards savings; 70 per cent to long-term and 30 per cent to short-term savings.

During the Hustler Fund’s first anniversary celebration in Nairobi, Ruto said the government will on Friday reward 1.2 million borrowers with a matching fund in their long-term savings account in the ratio of 1 shilling for every two shillings saved.

“Some 1.2 million Kenyans by tomorrow morning will have a matching fund in their accounts. You must have demonstrated that you are truly committed to the Hustler Fund by borrowing five times. If you have borrowed five times and saved Ksh.6,000, we will give you Ksh.3,000,” President Ruto said.

According to the president, the Hustler Fund is currently serving 21.8 million opted-in customers, 7.7 million of whom have become repeat customers.

“We have disbursed Ksh.39.7 billion, to 21.8 million people. Out of this inaugural disbursement, savings of Ksh.1.98 billion have been mobilized, and total repayments now stand at Ksh 28.75 billion,” Ruto said.

He said Kenyans have saved Ksh.2 billion in total from their loans so far.

At the same time, President Ruto said the government will now make short-term savings accessible to customers to provide greater flexibility and immediate benefits from their savings efforts.

Launched on November 30, 2022, the Hustler Fund targets Kenyans who could not access credit after having been blacklisted by various credit rating agencies.

It offers loans from a minimum of Ksh.500 to as high as Ksh.50,000 at an eight per cent pro-rated basis or a daily rate of 0.002 per cent.