During the 60th Jamhuri Day celebrations, President William Ruto unveiled significant financial milestones and future prospects for Kenya. In his speech, President Ruto highlighted the nation's progress over 60 years since gaining independence, emphasizing both political and economic achievements.
Key among his announcements was the revolutionary financial support initiative—the Hustler Fund. With over KSh42 billion already disbursed to more than 21 million borrowers, this initiative is set to provide unprecedented benefits to its savers. President Ruto assured every saver of an impressive 12% interest rate on their savings, effective starting this January.
This move signifies a major commitment to bolstering the financial well-being of Kenyans, especially those engaged in micro-businesses and informal sectors. The Hustler Fund's anniversary celebration recently marked a notable success, showcasing a remarkable KSh2 billion saved, coupled with a commendable 75% repayment rate nationwide.
Additionally, the government has already taken steps to amplify the fund's impact by increasing credit limits for over 1.2 million borrowers and allocating KSh500 million to match long-term savings at an enticing ratio. The fund, which boasts over 7.7 million regular borrowers, will introduce tailored financial products to further empower existing associations like the 'mama mboga' and boda boda sacco members.
This initiative stands as a testament to the administration's dedication to fostering a culture of savings among Kenyans, aiming to create a robust investment reservoir for the nation's growth and development while securing a better retirement future for its citizens.
President Ruto's announcements underscore a commitment to economic prosperity, aligning the country's financial growth with its political achievements. As Kenya forges ahead into the future, the leadership emphasizes a collective responsibility to elevate the nation—a free, prosperous, and secure democracy—for the benefit of all citizens.
The President concluded his address by extending warm Christmas wishes and a prosperous New Year to all Kenyans and friends of the nation.