Government has increased Hustler Fund limit by 100 per cent, CS Chelugui says
The government has announced an increase of 100 percent in borrowing limits for the Hustler Fund meaning that Kenyans will be able to access higher loans than they previously did.
Cabinet Secretary for Cooperatives and MSME Development Simon Chelugui however disclosed that the increase only applies to those who have borrowed and repaid their loans regularly.
He noted that most Kenyans have already had their limits doubled following the changes with those previously getting Sh3,000 now receiving Sh6,000 and those previously getting Sh5,000 now receiving Sh10,000 with the highest limits nearing Sh50,000 by the middle of the year.
He lauded the progress made by the fund so far since it was launched with Sh18.5billion disbursed from 30 million transactions.
Debt repayment is inching towards Sh10billion while savings accounts stand at Sh912million while the number of Kenyans who have borrowed more than once is 6.1 million.
“I am proud of the progress we have made so far, we continue to receive very positive feedback from the targeted groups such as fruits and vegetable vendors, jua kali, and bodaboda operators,” he said.
