Hustler Fund to review credit limits for 2M good borrowers

The government is planning an upward review of loan limits for at least two million Hustler Fund borrowers with positive credit scores as the fund enters second year of operation.

Speaking during the Shift on KBC Channel1, Micro, Small and Medium Enterprises (MSME) Development Principal Secretary Susan Mang’eni said the review of limits is expected to encourage repayment on the platform and link good borrowers with commercial banks.

“During anniversary we will be unveiling a product we are calling Bridge. This will be a bridge from digital lending on Hustler Fund to the banks where we want you now to start being known by the bank,” said Mang’eni.

Since inception in November 2022, the fund has so far disbursed a total of Ksh 60 billion and mobilized at least Ksh 3.3 billion in savings to 25.4 million borrowers.

Hustler Fund also has 8.5 million repeat customers out of which more than two million have been clustered as good borrowers who will now enjoy higher credit limits.

“Will will work with the current limit. Some will have their limits being doubled, some will have their limits being tripled depending again on their credit rating which we will segment into a rating from C to A,” she added.

The state department is further planning on recovery measures for unpaid loans of at least Ksh 11 billion.

“Those who are not good borrowers we reach out to them and we will want to establish whether you wouldn’t pay,” stated Mang’eni.

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