(Ecofin Agency) – During the election campaign, the new tenant of the State House in Nairobi presented himself as the harbinger of the “Hustler Nation”, the nation of “resourceful people, those who struggle daily to survive”, in light of the alliance of “dynasties”. “.
The new Kenyan President, William Ruto, announced on Wednesday 30 November the official launch of a “ resourceful means to service low-interest loans for the poorest and fulfill one of his campaign promises to voters.
Hustler Fund will help small business owners, free ordinary Kenyans from shylocks and help establish a culture of savings, investment and social security. pic.twitter.com/8Qu8oP2Py1
— William Samoei Ruto, PhD (@WilliamsRuto) 30 November 2022
With 50 billion shillings ($408 million), this fund will offer Kenyans with a mobile money transfer application personal loans of up to 50,000 shillings ($408) at an interest rate of 8% per annum, a rate well below that charged by local banks.
The fund should also provide loans to SMEs from the end of March 2023 and to start-ups from the end of May 2023.
” With this program, the government is committed to creating opportunities for millions of people at the bottom of our economic pyramid to progress and achieve their aspirations. More affordable credit will increase borrower confidence and inject large sums into productive activity throughout the economy said the Kenyan president.
To take advantage of this credit, Kenyans must open a savings account where 5% of the loan amount is automatically paid into a personal savings plan that the government will top up for a maximum of 6,000 shillings per year (about 45 euros).
The fifth President of the Republic of Kenya, William Ruto, was sworn in on 13 September. He has since struggled to implement his campaign promises in a country hit hard by a long historic drought and struggling with rising living costs and a heavy $70 billion debt.
At the end of September, he announced the introduction of a tax on large assets, while the government seeks to reduce the use of loans to finance the state budget.
Also read:
12/10/2022 – Kenya: President Ruto announces IPO of ten public companies
04/10/2022 – Kenya: President Ruto plans to introduce a tax on large fortunes
05/09/2022 – Kenya: Supreme Court rejects Raila Odinga and confirms William Ruto’s election
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