President William Ruto has said that the Hustler Fund will be launched on December 1, 2022.
Speaking while delivering his Mashujaa Day speech at Uhuru Gardens on Thursday, the Head of State said that the fund will be available to small businesses.
He also maintained that the credit fund will be available on digital platforms to individuals through saccos and cooperatives at affordable rates.
"Credit products will be available under the hustler fund to small businesses on digital platforms at affordable rates to individuals through chamas, saccos and cooperatives," President Ruto said.
He further added that the borrowers in the platform will have access to short-term and long-term savings plan.
"All borrowers on this platform will also participate in short-term saving plans and long-term pension programs," he added.
The Head of State also said that every savings made by the borrowers will be merged by the government on a level determined by the platform.
"Every saving made by borrowers on this platform will be merged by the government on a 2:1 ratio to a level to be determined by the programme," the president said.
The Head of State had promised that his government will invest Sh50 billion in the Hustler Fund with the funds available to borrowers on loan.
“The money that will be borrowed from the Hustlers Fund will strictly be used by the small and medium enterprises to upgrade their businesses. Let no one think that the government will give them free money, there has never been free funds from the State," President Ruto said previously.