Hustler Fund Will Be Disbursed Online – President Ruto

President William Ruto has announced that Kenyans wishing to access funds from the Hustlers Fund will be able to do so through an online platform and that no committee will be involved in the process.

In his address to the Kenya Kwanza PG on Wednesday, Ruto revealed that there will be no committees regulating the disbursement process in order to ensure a smooth transition ahead of the expected first phase launch on November 30, 2022.

“The product is going to be seamless, you will not need any committee, you do not need to know anybody and the product will be online just like M-Pesa,” said President Ruto.

“I know some of you had made arrangements to form a committee for disbursing Hustler funds. Sorry I will disappoint you there will be no Hustler Fund committee,” he added.

Further, the President noted that they are in talks with Mobile Network Operators (MNOs) and service providers who will be used as the medium.

“We are working with our MNOs and technology providers and all the mobile operators including Safaricom, Airtel, Telcom, and others and that is the platform this money is going to be disbursed,” he said.

“Have no doubt that nobody will be left behind. We have also made it possible to borrow using an ordinary phone where we have a USSD code where people can easily access it.”

President Ruto also revealed that the funds will be made available to individual borrowers first, followed by Saccos, SMEs, and finally to large borrowers, and cooperatives.

Ruto has assured that the necessary resources have been made available for the Hustler Fund’s launch, which will target approximately 10 million borrowers.

Cabinet had previously announced that the loan limits in the first phase of the fund will be set at a minimum of Ksh.500 and a maximum of Ksh.50,000, based on the borrower’s credit score.

Ruto promised an annual allocation of Ksh.50 billion to the hustler fund as part of the bottom-up economic model, to enable small and micro enterprises to access affordable credit to start and sustain their businesses.

The funds, however, will not be distributed as grants, but rather as loans with an annual interest rate of 8%.

Those hoping to benefit from the kitty should have joined cooperative groups that will act as guarantors.