Cabinet approve framework to implement Hustler Fund
The cabinet has approved the legal and institutional framework to anchor the establishment and implementation of the Hustlers fund.
Through a dispatch following a cabinet meeting chaired by President William Ruto, the cabinet applauded the support from the regulators including the Central Bank of Kenya, Financial Intermediaries and Financial Institutions and mobile network operators in steering the development of the revolutionary financial product.
“The fund is expected to open up affordable credit facilities for the majority of Kenyans who had previously been locked out of the credit facilities and to boost a savings culture while creating momentum for sustainable development,” the statement read.
The cabinet noted that the fund is structured with four products namely Personal Finance, Micro Loans, SME Loans and Start Up.
The fund will be launched and rolled out on November 30, 2022, with loan limits being a minimum of Sh500 up to a maximum of Sh50,000 based on the borrower’s credit score.
Additionally, the fund will attract an interest of eight per cent annually.
The cabinet has also approved the proposed establishment of the Centre for Entrepreneurship domiciled within Kenya Industrial Estates to facilitate job creation by positioning Micro and Small Enterprises.
The programme will target 250,000 youth entreprenuers aged between 18 and 35 across the country by providing them with information on brand campaigns, website and call-in to the centre.
Additionally, 100,000 youth entrepreneurs will access in depth screening services (coaching, mentoring and career guidance).
