NAIROBI, Kenya, Dec 12 — President William Ruto has announced the launch of a new financial product under the Hustler Fund, called the “Bridge Loan.”
The initiative aims to provide Kenyans with higher loan limits and longer repayment periods, addressing the demand for more flexible credit options.
Speaking during the Jamhuri Day celebrations on Thursday, Ruto emphasized that the Bridge Loan targets Kenyans with strong credit scores, enabling them to transition from smaller personal loans to larger, business-oriented financing.
“The fund has designed a new product, the Bridge Loan, to help Kenyans with good credit scores transition from personal loans to enhanced facilities that offer larger loan amounts and longer repayment periods,” the President stated.
Ruto highlighted that the product will empower borrowers to pursue larger business opportunities and make more significant investments.
He noted that the decision to introduce the Bridge Loan was informed by feedback from borrowers, who expressed concerns about short loan durations and insufficient amounts.
Additionally, the head of state revealed that the Hustler Fund has disbursed Sh60 billion in loans since its launch in November 2022, a milestone he says has significantly empowered Kenyans economically.
Initially introduced to enhance financial inclusion, the Hustler Fund currently offers individual loans and SACCO-based lending.
The addition of the Bridge Loan marks a step toward expanding its scope, which Ruto says seeks to address the evolving needs of borrowers.
Source: capitalfm
