Treasury Cabinet Secretary Njuguna Ndung’u on Wednesday, February 8, revealed that he is one of the beneficiaries of the Hustler Fund kitty.
Prof Ndung’u further divulged that since President William Ruto launched the kitty on November 30, 2022, he had been borrowing weekly.
The CS while urging Kenyans to borrow and repay their loans, noted that he was borrowing to improve his credit score.
“I borrow from the Hustler Fund every week because I want to make sure that by the time a credit score is computed, I am part of the game and I can enjoy a higher limit,” the CS revealed
“Once we calculate credit scores, we will now make sure that the hustlers enjoy higher loan allocation,” he added.
Ndung’u told Kenyans that Hustler Fund was an intervention that was going to discipline the financial market.
The CS revealed that the Fund was just at its first phase, with three more yet to rolled out, targeting different borrowers.
“We are just in the first phase and you can already see the successes of the fund,” he praised the President’s initiative.
Ndung’u revealed that there were Kenyans who had borrowed and repaid over 300 times since the inception of the Fund.
On why it exemplifies the bottom-up agenda, he explained, “The funds will always be available to people at the bottom of the pyramid, it is the people to scale up not the loan.”
Ruto on February 3, assured Kenyans that the limit would be increased at the end of February.
“By the end of this month, every borrower will be assigned a financial grade. Those with good grade will enjoy a higher limit,” the President announced then.
The President also announced the launch of a new product, Hustler Fund Micro Credit.
Unlike the Hustler loan, which is disbursed to individuals, the Hustler Fund Micro Credit will allow Saccos and groups to borrow on behalf of their members by the end of the month.
Source: kENYANS.CO.KE