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Nairobians alone have borrowed a total of Sh6 billion out of the Sh36 billion disbursed so far from the Hustler Fund since its launch 10 months ago.
The revelation by President William Ruto on Sunday makes Nairobi one of the leading counties with the highest number of borrowers at 2.1 million.
Speaking during a church service at the Revival Sanctuary of Glory in Dagoretti South, Nairobi, Ruto said they are also putting in place necessary plans to have traders in all markets access the funds.
“I have directed people at the Ministry to have some funds for groups in every market that will be given to them as loans,” he said.
He, however, warned the groups against disappearing with the money even as he assured them that no one will harassed.
Ruto challenged traders to form groups so as to benefit from loans ranging from Sh200- Sh1million which will be offered to enable them to grow their businesses.
He announced that one per cent daily interest rate has been scrapped and now borrowers are repaying eight per cent yearly.
“We want everyone to get a chance to borrow money for their businesses so that we can progress because in banks you are asked to produce logbook or title deed and many of you do not have it…there are no such requirements on this one, it is you and your phone,” he noted.
The Sh50 billion Hustler Fund for personal loans was launched on November 30.
At least 22 million Kenyans have so far borrowed the money with Sh1.8 billion going into savings.
Ruto at the same time said the government will increase funds for Nairobi to put up new classrooms to address congestion in schools.
On housing, Ruto said he will be launching the construction of 30,000 new housing units in the City to add to those under construction in various parts of the county. BY THE STAR