William Ruto, the president of Kenya, is following through on one of his most notable campaign pledges and intends to start a hustler’s scheme just a few weeks in office.
The Kenyan presidential election of 2022 could best be described as a ‘spectacle’ given the intrigues and suspense it was filled with at its height. The election pitted William Ruto, a fresh new contender, against former president Uhuru Kenyatta.
William Ruto eventually won the presidency on the promise on the promise that he would serve the general populace. This inaugurated a new administration that seemed anxious to rescue Kenya from its recent economic downturn.
During his campaign and even on the day of his inauguration, William Ruto remarked that he came from very low beginnings and, as a result, shares a common genesis with the average Kenyan.
His past led him to make empowering marginalised Kenyans at the grassroots a crucial component of his campaign plan, which fortunately ensured his win.
William Ruto speaking on launching hustler’s scheme
The president officially inaugurated his empowerment initiative yesterday, keeping with his election-year pledge.
The Hustlers Fund, a government loan programme aimed at the nation’s young and small companies, was announced by President William Ruto.
The money would go to the owners of informal businesses, who would then have access to more affordable loans.
With a 14-day repayment period, personal loans with amounts ranging from $4 to $400 million will be made available to the intended receivers via their phones.
A specific USSD code or a phone app will be needed to access the funds for those who apply for the loan and are approved.
Additionally, no collateral would be required, and a 8% annual interest that will be calculated daily will be charged.
“We have about eight million Kenyans who have been blacklisted by lenders. The Hustlers fund will give them a second chance… Even those who had been sent away by lending apps, this is your chance to redeem yourself,” said President William Ruto during the launch of the Fund in Nairobi.
Small businesses that have had trouble obtaining funding from traditional banks will be given State-backed concessional loans via The Hustlers Fund.
According to recent reports, fewer than 24 hours after its start, a million Kenyans have registered for the loan programme.
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