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President William Ruto finally launches his hustler’s scheme

President William Ruto interacting with entrepreneurs during the launch of Hustler Fund in Nairobi on Wednesday, November 30, 2022
  • The Hustlers Fund is an initiative touted since the days of William Ruto’s presidential campaign.
  • The Hustlers Fund promises to make cheap loans available for small business owners.
  • The loan has a repayment period of 14 days.

After weeks of serving as Kenya’s head of state, President William Ruto keeps true to one of his most outstanding campaign promise.

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The 2022 Kenyan presidential election could be described as a spectacle owing to the traction it gained at its height. The election pit former President Uhuru Kenyatta, vs the refreshing new candidate, William Ruto.

On the premise of catering to the common man if elected president, William Ruto eventually emerged victorious, ushering in a new administration, seemingly eager to liberate Kenya from its recent economic slump.

During his campaign, and even on inauguration day, William Ruto decried that he himself came from very humble beginnings, and as such, shares a common genesis with the common Kenyan. Read the story here.

His history caused him to make the empowerment of disenfranchised Kenyans at a grassroot level a key campaign strategy for him, which fortunately secured his victory.

Yesterday, the president held true to his campaign promise and launched his empowerment program.

President William Ruto unveiled a government loan scheme targeted at the youth and small businesses in the country, aptly called the Hustlers Fund. The fund would be allocated to informal business owners, who would be given access to cheaper loans.

Personal loans of between $4 (£3) and $400m (£330m) would be made available to its intended recipients via their phones, with a repayment period of 14 days.

Those who apply for the loan and are eligible will be able to access the funds by dialing a dedicated USSD code or using an app on their phones.

Also there would be no need for collaterals and an annual interest of 8% calculated per day will be charged.

"We have about eight million Kenyans who have been blacklisted by lenders. The Hustlers fund will give them a second chance... Even those who had been sent away by lending apps, this is your chance to redeem yourself,” said President William Ruto during the launch of the Fund in Nairobi.

The Hustlers Fund will provide State-backed concessional loans to small businesses that have struggled to access financing from mainstream banks.

Recent reports reveal that a million Kenyans have already registered to the loan scheme, less than 24 hours after its launch.

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