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Friday March 17, 2023 – President William Ruto’s Government has revealed that savings made from every 5% deduction on every hustler fund loan will be wired to the Kenya National Entrepreneurs Savings Trust (KNEST).
Speaking to the media, National Treasury Principal Secretary, Chris Kiptoo, stated that KNEST has two main savings channels that were inclusive.
He explained that the savings channel will include the 5% borrowed from the Hustler Fund and another channel for individuals who wanted to save even without borrowing from the Hustler Fund.
“The monetary savings channel will anchor the savings component of the financial inclusion which is the hustler fund.”
“There is the other one that is voluntary.”
“These are the voluntary savings for Kenyans who do not wish to borrow but want to take advantage of the savings mechanism,” Kiptoo stated.
Additionally, the PS stated that KNEST was a Government-owned personal pension scheme regulated by the Retirement Benefits Authority (RBA).
At the same time, Cooperatives Cabinet Secretary, Simon Chelugui, revealed that 30% of the savings would go to short-term savings that could be accessed within a year.
“We take 5% of every borrowing and take it to savings.”
“70% of that savings goes to the long-term savings plan.”
“30% of that savings goes to a short-term savings plan meaning you can access your money within one year,” Chelugui stated.
According to the CS, the savings from the hustler fund loan were at Ksh1.1 billion shillings.
The Kenyan DAILY POST
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