He says digital money lenders have given him the assurance.

In Summary
• He said he has been assured by the lenders that at least five million Kenyans who had been blacklisted by the lenders will be ’set free’ in the next 14 days.

• He said the removal from the blacklist will ease access to the Hustler Fund which he said he will launch on December 1.

President William Ruto has announced that Kenyans who have been blacklisted by mobile money lenders will be removed from the list in two weeks’ time.

He said he has been assured by the lenders that at least five million Kenyans on the list will be ’set free’ in the next 14 days.

"Tumesema ile blacklisting iondolewe, wameniahidi ya kwamba watu milioni tano in the next 14 days wataondolewa kwa blacklist kwa ile madeni walikuwa nayo na utakuwa na nafasi sasa ya kujipanga kulipia deni polepole bila ya kukatazwa kuendelea na biashara yako," he said.

(We have said that the blacklist be removed and they have promised that five million people will be removed from the list in the next 14 days and they will be free to organise themselves and service the loans without being restricted to do business)

The President was speaking on Sunday during an interdenominational church service at Green Stadium in Kericho county.

He said the removal from the blacklist will ease access to the Hustler Fund which he said he will launch on December 1.

The launch of the fund will pave the way for cheaper credit to small enterprises.

Ruto, however, said it will not be a freebies frenzy as beneficiaries must meet some preconditions to access loans from the Sh50 billion kitty without collateral.

"Saa ile mimi napanga vile mtapata hiyo pesa, na nyinyi mjipange vile mtapokea ile pesa. Ujipange na hutsle yako, ujipange either kwa chama, ama kwa sacco ama kwa cooperative," Ruto said.

"Lakini si pesa ya bure. Kama kuna mtu hapa anafikiri atapata pesa ya bure...ati unagonjea pesa ya serikali ya bure, hiyo hakuna. Hii ni pesa ya kufanya biashara na urudishe,"he added.

(But it’s not free money. If anyone here is expecting free money from government, there is nothing like that. This is money to do business and you pay back)

He said loans from the Hustler Fund will be collateral free but beneficiaries will have to pay a 10 per cent annual interest.

"Wale shy-locks ambao walikuwa wanasumbua nyinyi wanalipisha interest ya 1000 per cent, sasa hiyo interest itakuwa chini ya 10 per cent per year," Ruto assured.

The President further assured Kenyans that there will be no special committee that will award the loans from the kitty.

He said individuals will be able to register and access the loans via mobile phones.

"Hakuna committee, nasikia kuna wale wanapanga committee. Wewe ujipange na simu yako tutakutana na wewe hapo.

(There is no committee. All you need is your phone and you will have access)

The President, however, forewarned those who may be thinking of embezzling the funds or defaulting on their loan repayment plans.

He further hinted that interest rate on Fuliza loans which were recently slashed by 50 per cent may go down further depending on prevailing economic conditions.

AE News