Nairobi — President William Ruto says Sh1.2 billion of the Hustlers Fund has been repaid by borrowers.
Speaking during this year's Jamhuri day celebrations at the Nyayo Stadium, President Ruto indicated that the scheme has seen 15.4 million citizens subscribe with Sh7.54 billion in 12 days.
"As of this morning - the 13th day since the launch - the Fund had disbursed Ksh 7.5 billion. At the same time, 15.4 million Kenyans had registered for the fund," said the president.
He further stated that Sh1.1 billion has been repaid before the 14-day repayment period and Sh400 million has been put into the savings section of the Hustlers Fund by the borrowers.
"It is clear under this programme that Kenyans have found a platform to save. Clearly, Kenyans know the value of borrowing and paying contrary to the rhetoric of sceptics. By all accounts, this is revolutionary," the Head of State added.
President Ruto has also consulted lenders on the need to free the 4 million Kenyans who had been blacklisted under the Credit Reference Bureau which has led to their businesses being paralysed.
"We have secured an agreement with the lenders to abandon this punitive approach, and to shift to a credit scoring system which incorporates incentives for both lender and borrower." said Ruto
