President William Ruto has disclosed that at least 800,000 Kenyans have not repaid the Hustler fund loans.
Speaking during the 50th Anniversary Celebrations of the Kenya Police Sacco in Nairobi, Ruto stated that the defaulters were behind schedule in terms of repaying the loan.
“About 800, 000 are behind schedule in payment but it is my hope that they will refund to be able to pay more,” he said.
The Head of State further stated that they would review the credit score of borrowers, which would see borrowers get better grades if they borrowed regularly and repaid their loans on time.
“The financial grade will determine if you are good or if you need to increase the credit. You will be explained to why you qualify for the grade issued to you,” Ruto stated.
The President also announced plans to unveil a hustler fund for Saccos that will allow different registered groups to borrow low-interest loans.
What will happen if you don’t repay your Hustler Fund loan
“By the end of this month, we will launch the microcredit Hustler Fund where Saccos can also join and borrow money for members so that we can grow the number of people benefiting from the fund,” he explained.
In their targets to have up to Sh. 1 billion in saving after two and a half months, the Head of State stated that Kenyans had saved up to Sh. 850 million in the past two months.
“We are announcing that the hustler fund will provide two things, credit and a platform for people to borrow. To join the Police Sacco, you need Sh. 2,000 but for the Hustler Fund, you will not pay any amount,” Ruto added.