Nairobi — Kenyans who have saved money in the Hustler Fund will be paid an interest of 12 percent from December 31, 2023 President William Ruto has stated.
Speaking on Thursday during the anniversary of the Hustler Fund in Nairobi, the Head of state assured that Kenyans who have saved their money under the fund will be paid the 12 percent interest regardless of the amount of money saved in their account.
"We all know that if you save your money in the account you will be paid interest. Everyone who has saved in the hustler fund will be paid an interest of 12 per cent, "Said Ruto.
He added that the government has consolidated all the money in the fund savings account to offer its customers the 12 percent interest.
"The 12 per cent interest will be paid regardless of the customer's amount of savings in the hustler fund."He noted.
The president stated that those who save their money under the Hustler fund will greatly benefit as compared to those who have saved their money in other financial institutions that offer different interest rates.
"If you save your money in a bank you will be paid an interest rate of 1 or 2 per cent and other banks will not pay you any interest despite saving your money, "He stated.
Ruto said since the hustler fund was launched last year, the government has been able to lend money to 19 million Kenyans with 7.7 million people being active members who borrow and repay their loans under the fund.
"Where would these 7.7 million Kenyans be if we did not have the hustler fund?" He questioned.
President also announced that the government will match the savings of Kenyans up to a maximum of Sh6, 000 by a half for those who have borrowed at least five times from the Hustler Fund.