Cooperatives and MSME Development Cabinet Secretary (CS) Simon Chelugui has announced that the government has increased the borrowing limits of its financial inclusion fund, popularly known as the Hustler Fund.
Chelugui has heaped praises on Kenyans using the Hustler Fund saying that the tremendous growth generated in the few months is the reason behind increasing the limit of the Fund which has been operational since its launch in November 2022.
The cabinet secretary also stated that the increase is also a directive issued by President William Ruto on February 3.
The CS, however, added that the increase will only apply to those who have borrowed repeatedly and dutifully repaid their loans.
Chelugui stated that the new limits will be reviewed after 4 months to readjust the borrowing limits and allow borrowers access to more money.
CS Chelugui also teased a new Hustler Fund called ‘Micro Credit,’ which will serve Saccos, Startups, and groups by allowing them to borrow on behalf of their members. The loan amount will be much larger, ranging from Ksh.250,000 to Ksh.2.5 million.
The fund is can be accessed by dialing *254# and the mobile application platforms of any of the mobile network operators in Kenya and has no processing fee.
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