01/06/2023
The Revolutionary Hustler Fund - Bottom-Up Economic Transformation Agenda - BETA
On the 29th October 2021, I together with my team at UDA Uganda Chapter and UDA East Africa Chapter paid a courtesy visit to President William Samoei Ruto them Deputy President at his Karen Residence Nairobi.
In the meeting, I had an opprtunity to present our Memo to him. In my presentation, I shared with the President the challenge of access to credit and cheap financing. I shared with him the Model of Emyooga Funds in Uganda being implemented by President Yoweri Kaguta Museveni where mwanaichi are organised in groups and SACCOs. The groups can be of 10 to 20 people fully registered and binded by a constitution. The group opens up a bank account to where government deposits money and can be borrowed by group members. This fund is a revolving fund. Members borrow money at a low interest rate and repay back after a certain period of time. This fund is a revolving fund which means, you borrow, invest and return back, borrow again, invest and return back.
This Hustler Fund Group Loans cements President Ruto's focus on placing enterprises at the centre of Kenya’s economic development agenda. This affordable and accessible financing will sustainably accelerate the growth of businesses, boost incomes and create employment opportunities for the youth.
Today during the Madaraka Day celebrations at the Moi Stadium - Embu. President William Ruto launched the Hustler Group Loan — the second product of the Financial Inclusion Fund after the revolutionary Hustler Fund.