Six million subscribers of the Hustler Fund will now be eligible to access more money in a review of their borrowing history at the end of the month.
President William Ruto said the Hustler Fund will review its 18 million user’s borrowing history after every four months and award them a financial grade.
He explained that the financial grade will determine one’s loan limit based on how regularly they borrow and repaid.
“By the end of this month, every borrower will be assigned a financial grade. This will explain what makes one have a good grade,” he added.
The President also announced the launch of a new product, Hustler Fund Micro Credit, that will allow Saccos and Groups to borrow on behalf of their members by the end of the month.
President Ruto made the remarks during the Kenya Police Sacco 50th Anniversary Celebrations and opening of Police Sacco Stadium in South C, Nairobi County.
Present were Cooperatives and MSMEs Development Cabinet Secretary Simon Chelugui, Interior Principal Secretary Raymond Omollo, Nairobi Governor Johnson Sakaja and senior police officers.
At the same time, The President said the Government will support cooperative societies to improve access to credit and nurture the culture savings among Kenyans.