Sunday, May 19, 2024
Home > Business & Finance > President Ruto to Kenyans: Embrace saving culture

President Ruto to Kenyans: Embrace saving culture

President William Ruto has reiterated the government’s commitment to uplift the standards of living of the citizenry through the Hustler Fund, which has seen millions of Kenyans improve their businesses and livelihoods.

Ruto said the government has provided Kenyans with the Hustler Fund project, an opportunity that can be used by individuals and groups to take out loans for doing business at a lower interest rate.

“The fund started with Sh12 billion, and we are ready to spend Sh50 billion to ensure Kenyans have a product to borrow from,” said the president, adding the fund is servicing itself and is self-sustaining because borrowers have been repaying.

He said those saving with the Hustler Fund will be given an interest rate of 12 per cent that will be paid annually on December 31st, starting this year in 2023.

The President was speaking today during the first anniversary celebrations for the Hustler Fund that was held at Green Park in Nairobi, which was also attended by Deputy President Rigathi Gachagua and several senior government officials.

He noted that more than seven million people who had been condemned by the Credit Rating Bureau were given an opportunity to borrow from the fund and have repaid their credit, adding that currently, 2.2 million people who have repaid their credits are now running their businesses.

Ruto announced at the same time that boda boda riders and mama mboga, who are in groups comprising 30 to 50 members, will now be allowed to borrow from Sh200, 000 to Sh1 million, but only after vetting.

He said the government has increased the limit of borrowing owing to the demand by Kenyans who want to borrow more and urged all Kenyans to embrace the culture of saving.

The president said the housing project has also created job opportunities for several people, among them engineers, architects, jua kali artisans, masons, plumbers, accountants, electricians, those working in quarries, and the transport sector, among others.

“We are expanding opportunities for online digital jobs and the export of labour as we want Kenyans to be self-reliant and to move the country forward,” he added.

He said the government has improved the country’s economy and will start repaying all its debts by December this year in order to put Kenya on a sound economic footing and trajectory.

“We will solve the problem of cost of living as the interventions made to address the issue have started to bear fruit. We also reduced the price of fertiliser from Sh7000 to Sh2500,” he stated.

The president said farmers are hardworking and are on the way to consolidating the country’s food security so that the nation does not suffer the shame of hunger.

By Bernadette Khaduli

Leave a Reply