The Hustler funds to be launched on Wednesday 30,by President Ruto at KICC ground after receiving a nod from the cabinet.
The funds are set to give eight million Kenyans a second chance to access credit at the lowest interest rate.
It will offer much-needed relief and financial support and a new lease of life to millions of Kenyans who could not access credit after having been blacklisted by various credit rating agencies, by offering them loans from as minimum as Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
Cabinet Secretary Simon Chelugui said Co-operative and Micro, Small, and Medium Enterprises are set for the roll out, with selected Kenyans set to receive money during the trial phase.
The ksh .50 billion kitty is going to be managed by a board comprising of;
a non-Executive Chairperson appointed by the President,
the Principal Secretary to the National Treasury or their representative,
the Principal Secretary of the State Department responsible for Micro, Small and Medium Enterprises or their representative,
the Principal Secretary of the State Department for matters relating to Trade or their representative,
the Attorney General and
two other persons, not being public officers who shall be appointed by the Cabinet Secretary.