Hustler fund is not free money, you will repay – President Ruto

President William Ruto has set the record straight on the Hustler Fund that he promised during his presidential campaigns.

According to Ruto, the funds which are meant to aid Kenyans in doing business will be ready by December 1.

Speaking during a church service in Kericho County on Sunday, the Head of State noted that the funds will not be availed as grants, but loans.

"On December 1 we will launch the Hustler Fund and so it is up to you now to organise yourselves into Chamas, SACCOs, cooperatives or individually. It is not free money, it is business money that you will repay. We will eliminate shylocks and repayment will be at less than a 10% interest," Ruto said.

Under Ruto's plan, those seeking to benefit through the Ksh.50 billion annual kitty ought to have joined cooperative groups, which will act as their guarantors.

The Commander-in-Chief had earlier noted that the government had put up a ministry in charge of the funds to ensure accountability and that the funds reach everybody that they’re meant to reach.

The president also announced that in two weeks, Kenyans who have been blacklisted because of mobile money loans will be removed from the list.

"Give me two weeks, those blacklisted because of debts will be free. But you must work hard thyere is nothing for free. And if you try to steal government money we will see,” he said.