In a move aimed at expanding financial access for Kenyans, President William Ruto announced the tripling of borrowing limits under the Hustler Fund. Speaking during a presidential town hall at the Kenyatta International Convention Centre (KICC), Ruto revealed that many borrowers had reached their credit ceilings, prompting the government to launch a new "bridge loan" facility.
Under this new program, borrowers who previously had a limit of Sh50,000 can now borrow up to Sh150,000. Ruto highlighted that this increase will affect a broad range of borrowers, with some limits multiplying by up to three times, benefiting 1.5 million Hustler Fund users.
Additionally, the loan repayment period has been extended from 14 to 30 days, responding to feedback from borrowers who requested more time to repay their loans. This change provides relief to around four million defaulters, offering them a fresh start to clear their dues.
Since its launch in November 2022, the Hustler Fund has grown to serve 24 million borrowers, with 8 million being regular users and 2 million classified as very good borrowers. The Fund has also expanded its reach, offering financing to small enterprises starting in June 2023.
With over Sh30 billion disbursed through 42.5 million transactions, Ruto emphasized the Fund’s success and integrity, stating that not a single shilling has been lost to corruption. The government aims to continue empowering Kenyans through financial inclusion, enterprise growth, and job creation.
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