President William Ruto has announced plans to expand the Hustler Fund’s borrowing limits with more flexible repayment terms.
President Ruto made the announcement during the second anniversary of the credit facility at the Kenyatta International Convention Centre (KICC).
During the event, the head of state unveiled the Bridge Loan product, which will enable over 2 million beneficiaries of Hustler Fund to access up to three times their current credit limit.
The tripled loan will be subjected to an unchanged annual interest rate of 8%.
Also, the product will see the loan repayment period extended to 30 days from the previous 14 days.
In the new system, borrowers will be evaluated based on a newly implemented credit scoring system, which categorises users into nine tiers.
"Over the last two years, we have assessed all Hustler Fund borrowers. Today, we can assign every borrower a score that will serve as collateral for them to borrow money within the ecosystem," said President Ruto.
