President William Ruto today marked Kenya’s 61st Jamhuri Day celebrations with a powerful message of economic progress and empowerment at Uhuru Gardens, Nairobi.
In his speech, the president celebrated significant milestones in the country’s drive toward financial inclusion, particularly through the transformative Hustler Fund.
As the fund marked its second anniversary, President Ruto announced that it had lent over 60 billion shillings to millions of Kenyans, enabling them to break free from the grips of predatory lenders and avoid precarious financial situations.
The program has proven to be a lifeline for many, offering access to affordable credit, and has played a pivotal role in empowering individuals, especially those previously excluded from traditional financial systems.
“Financial inclusion is no longer a distant dream; it is a reality for millions of Kenyans. The Hustler Fund has brought financial freedom to the doors of hardworking citizens, offering them affordable loans that have allowed them to grow businesses, support their families, and invest in their futures,” President Ruto stated in his speech.
In addition to the success of the Hustler Fund, the President highlighted the government’s ongoing efforts to expand access to credit.
The president noted that the fund is currently in discussions with borrowers regarding adjusting short-term loan durations, modest loan amounts, and time frames to increase borrowing limits, thus enhancing the Fund’s flexibility.
A key announcement during the celebrations was the launch of a new product under the Hustler Fund – the Bridge Loan. This innovative offering is designed to help Kenyans with good credit scores transition smoothly from personal loans to larger loans with longer repayment periods.
This product aims to provide borrowers with an opportunity to scale up their financial capabilities and access more substantial credit, further enhancing their economic potential.
“The introduction of the Bridge Loan is an exciting step in helping those who have demonstrated financial responsibility transition to larger, more flexible loans. It’s a tool for empowering people to take on bigger projects, expand their businesses, and ultimately secure long-term financial stability,” the President explained.
The Bridge Loan is expected to serve as a critical tool for those looking to move from the immediate needs of personal loans into larger investments that require a longer-term financial commitment.
It is seen as a strategic effort to provide progressive access to capital, helping Kenyans unlock new opportunities for growth and development.
Digital Superhighway and Creative Economy to Create Grassroots Jobs
President Ruto emphasized the government’s commitment to fostering digital jobs at the grassroots level, highlighting the progress of the Digital Superhighway and the Creative Economy.
With 100,000 kilometers of fiber optic infrastructure already laid out and digital hubs being established, he noted that the government is paving the way for greater job opportunities.
The Ajira and Jitume programs have already trained 690,000 Kenyans, with 180,000 successfully linked to jobs.
“We are on track to creating 1 million digital jobs,” President Ruto said, underscoring the country’s digital transformation as a key pillar of economic growth.
Here are the steps to apply for the Hustler Fund:
- Register for the Hustler Fund (if not already registered).
- Dial USSD Code: Dial *254# or open the Hustler Fund mobile application.
- Select Loan Request Option: Choose the option to request a loan and view the available loan limits, interest rate, and loan tenure.
- Enter Loan Amount: Enter the amount you wish to borrow and press OK to continue.
- Confirm Loan Details: Review the displayed loan details (amount, interest, tenure) and confirm to proceed.
- Enter Mobile Money PIN: Enter your Mobile Money pin to authorize the loan application.
- Receive Loan Allocation: You will receive an SMS notification with details about your loan allocation, including the loan amount, interest, and repayment schedule.