President William Ruto Thursday announced that it will use Technology to distribute the Sh50 billion hustler funds.
The collateral-free cheap credit to start businesses was part of President Ruto’s campaign pledge as it seeks to boost micro, small and medium, enterprises (MSMEs).
“We will capitalise on existing technology and innovation in the public and private sectors to distribute the Hustler Fund as promised in our Plan,” he said.
Dr Ruto acknowledged that digital technologies have become a critical player in economic growth. He called upon financial institutions and young people in innovation hubs to participate in the digital economy by redesigning their products to serve the goal of empowering millions.
In a joint conference with local telco – Safaricom early this week, the President hinted that they will channel the Sh50 billion Hustlers Fund via its Fuliza platform.
We will leverage on technology in the management and disbursement of the Hustler Fund.
The partnership will see the government ride on Safaricom’s Fuliza and M-Shwari lending infrastructure to disburse the funds.
Safaricom in partnership with NCBA and KCB will earn commissions for handling and distributing the ‘hustler’ loans.
