The president of Kenya, William Ruto, has clarified the Hustler Fund loan limit following an uproar from the members of the public.
While speaking during the Kenya Kwanza parliamentary group meeting at State House on Wednesday November 16 2022, Ruto explained the Ksh50,000 loan limit was for individual borrowers.
He further explained that Hustler Fund would include three products: individuals, groups, small enterprises and cooperatives.
“The amount of money available on the personal loan platform is Ksh500 – Ksh50,000.
“The next product for chamas will start from Ksh50,000 to Ksh250,000, then the next one will climb up like that as we continue to roll out the fund,” Ruto stated.
Hustler Funds’ individual package will be launched on November 30, based on credit scoring. Those with good loan performance will enjoy more loans and higher limits and vice versa.
The President explained that all persons who take up loans will be required to save a certain percentage, to which the government will contribute 50 per cent of the total amount saved.
“We have made it mandatory that as you borrow, there is a saving component. If you borrow Ksh1,000, Ksh50 goes to your saving. For every amount to save, the government of Kenya is going to match it 2:1,” he stated.
Ruto added that four per cent of the fund would be used to set up the technology to run the disbursement of the fund, including a call centre which will provide customer service to the loanees.
In addition, he assured that the Hustler fund product is self-sustaining, with measures put in place to cushion the fund even in the event of defaulters.
“We have put in a component of two per cent so that if there are any defaulters, they do not reduce the fund. An extra two per cent will also be installed to ensure that the fund grows,” the head of state added.
Ruto announced that all applications for the fund will be done online and disbursed through mobile money wallets.
“The product will be seamless as you will not need any paperwork. It will be online just like mobile money transfer and people will be able to borrow using a designated USSD number,” he expounded.
Prices of These Commodities Dropped in November
A report by the Kenya National Bureau of Statistics (KNBS) on the state of the consumer economy has revealed that the cost of living slightly eased in November.
KNBS, on Wednesday, November 30 placed the inflation rate at 9.5 per cent, a 0.1 per cent drop from the previous month of October.
Among the factors that contributed to the slight dip was the reduction in the cost of basic commodities. Cooking oil, recorded an average drop of Ksh21.93 per litre.
“During the same period, prices of cooking oil (salad), tomatoes and fortified maize flour dropped by 6.0, 2.2, and 1.0 per cent, respectively.
“The month-to-month Food and Non-Alcoholic Beverages Index increased by 0.6,” the statement read in part.
The cost of maize flour dropped by Ksh1.83 per two-kilogram packet while the same unit of tomatoes cost Ksh1.98 less.
Some of the non-food commodities whose prices dropped include the electricity bought on a small scale (Ksh46.48 per 50 kilowatts) and Ksh184.2 for 200 kilowatts.
The cost of fuel super petrol, diesel and kerosene also dropped by Ksh1.10, while a 13-kg cylinder of liquefied petroleum gas retailed by Ksh79 less. Commuters also paid less for their travel, according to the Bureau.
Kenyans coughed up more cash for rent, alcoholic beverages and fresh farm produce during the month under review. The consumer price index (CPI) increased from 127.86 to 128.31.
However, in comparison to the same period in 2021, the rate of inflation leapt by 3.7 points from 5.8 per cent.
“The rise in inflation was largely due to increase in prices of commodities under food and non-alcoholic beverages (15.4 per cent) transport (11.7 per cent) and housing, water, electricity, gas and other fuels (6.1 per cent),” KNBS disclosed
The Martyr? Preacher Jailed For 8,658 Years
A court has sentenced a televangelist, who surrounded himself with young women he referred to as his “kittens”, to 8,658 years in prison.
The court in Turkey sentenced Adnan Oktar, who has been described as a cult leader, and was convicted of sexual assault and abuse of minors.
Oktar, 66, fronted his own television channel, through which he delivered religious sermons.
He is a fierce opponent of the theory of evolution, and wrote a widely mocked book on creationism.
He was originally given a jail sentence of 1,075 years but an appeal court ordered a retrial involving 215 defendants.
Ten of them were also given 8,658 years in prison by the court in Istanbul. Many of the other defendants were given shorter terms.
Oktar and hundreds of his followers were arrested in 2018 from his home on a litany of charges, including running a criminal organisation, tax offences, sexual abuse, and counter-terrorism laws.
During his arrest, Oktar told journalists that the allegations made against him were “lies” and “a game by the British deep state”, a topic he had frequently spoken about in the past.
In January 2021 he was convicted of 10 separate charges, including leading a criminal gang, engaging in political and military espionage, sexual abuse of minors, rape, blackmail and causing torment.
He was also charged over alleged links with exiled cleric Fethullah Gulen, who the Turkish government accuses of masterminding a failed military coup in 2016 which killed 251 people and injured more than 2,000.
An upper court overturned that ruling.
Oktar’s views have earned him a degree of notoriety both in Turkey and abroad, having been arrested multiple times before 2018 and having spent time both in prison and a psychiatric unit over the years.
Multiple copies of his widely ridiculed book “the Atlas of Creation” were reportedly shipped unrequested to academics and libraries. In the book he claimed Darwin’s theory of evolution lay at the root of global terrorism.