President William Ruto says Kenyans have embraced the Hustler Fund, with the credit facility’s data showing 90 percent of all the loans taken have been repaid in time.
Speaking yesterday during the opening of the World Chambers Federation Africa Summit in Nairobi, the Head of State revealed that despite not demanding collateral, Kenyans were willing to honour their debt obligation and grow their credit score in the Hustler Fund.
”If there were a financial innovation that has products like we tried with the Hustler Fund. It is amazing today that despite the fact that it has no collateral, up to 90 percent repayment is happening,” the President said.
”You would expect that a financial product that has no collateral and therefore individuals would have no incentive to pay back, but they are paying back because they see the value of the low interest they get in that product and that is why repayment is all the way up to 90 per cent,” he added.
Ruto implored various business and industry leaders who attended the summit to invest in the fund, noting that with proper investment, the facility can be scaled up to benefit more Kenyans in need of affordable loans.
“These are innovations that can be rolled out and scaled up, and we are looking at partners who can work with us.”
