The Kenyan government has capped the Hustler Fund at Ksh.50,000 with the kitty is expected to be rolled out this December.
The funds will attract an interest fee of 8 percent for each loan taken. The minimum amount one can take is Ksh.500.
It is a Ksh.50 billion programme which President William Ruto expects to use in his five-year tenure under the Bottom-Up economic model.
“The implementation of the Administration’s signature pledge is tipped to liberate the people of Kenya from the bond of predatory lending,” said the State House is a statement.
National Treasury has already unveiled regulations that will govern the Hustler Fund under the Public Finance Management Act.
For an individuals to qualify, he/she will be required to be above the age of 18 years and hold a Kenyan identification card.
The regulations also outlines that one will have to be a member of Micro, Small, and Medium Enterprises (MSMEs), SACCO societies, Chama and table banking groups, or any other registered association.