President William Ruto was put to the task when has was unable to answer his barber on the Hustler Fund loan limit.
The President was put to task to answer why the barber’s Hustler Fund loan limit had stuck at Ksh.5,000 even after he had saved for that long, and even his savings had surpassed the limit he was given – that is Ksh.5,600 savings against his limit of Ksh.5,000.
“My barber came to do work on the little that is left on my head. He told me, Mr President at the moment I have Sh5,600 as savings in the Hustler fund account. “Why is it that my borrowing limit is still Sh5,000? Why don’t you consider the fact that I have saved even past the required limit and increase it.”
According to the President, that was a fundamental question asked by a hustler but he didn’t have the answer. “I was very honest that I didn’t have an answer for him at that point,” Ruto revealed.
Hustler Fund loan is one of the President’s pet projects that he vigorously sold to Kenyans during his pre-election campaigns last year. The fund is specifically designed to support small-scale traders in the country. The Hustler Fund comprises four products: personal, micro business, SME, and start-up loans. To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting with the government issuing strict measures to curb the same. Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent. Moreover, their Hustler Fund loan limit wouldn’t be appreciated either.
