Senate Majority Leader Aaron Cheruiyot now says that many chamas are not able to access the Hustler Group Loan because some members have defaulted on the Hustler Fund personal loans.
In a statement on Friday, June 16, Senator Cheruiyot blamed the Azimio la Umoja politicians for misleading Kenyans to default on their Hustler Fund loans.
The Kericho Senator noted that many Kenyans are being forced to pay their individual loans to access the Hustler Group Loan.
“Sadly, the biggest impediment to many groups accessing the Hustler Chama Fund are members who were misled by Azimio politicians to default on the initial individual borrowing,” Cheruiyot stated.
He added, “Many are now being forced to pay up so that their chamas access the funds or quit all together.”
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President William Ruto launched the Hustler Group Loan, which is the second product of the Hustler Fund, on June 1, during the Madaraka Day celebrations in Moi Stadium Embu County.
"I am glad that this launch of the group loan product is taking place against the backdrop of the phenomenal success of the Hustler Fund Personal Loan product. I expect that this product will encounter even greater appetite from the market," Ruto stated.
The Hustler Group Loan enables groups of at least ten people to access loans from Ksh20,000 to Ksh1 million.
