57% of Kenyans used mulika mwizi phones used to borrower from Hustler Fund
The latest data from the Ministry of Cooperatives and MSME Development shows that more than half of the beneficiaries of the Hustler Fund are the youth.
According to the data, 57 per cent of borrowers are aged between 18-35 years, and those aged between 36-55 are 35 per cent while those above 55 per cent are only 9 per cent.
Men, 57 per cent, have borrowed more, compared to women who are at 43 per cent.
Also, the data shows that majority of borrowers are using “Mulika Mwizi” (phones with no internet access) to apply for the funds. This totalled 57 per cent, compared to those using Android phones at 43 per cent.
According to the Cooperatives CS Simon Chelugui, the amount disbursed has so far hit Sh6.5 billion.
A sum of Sh722 million had been repaid by Friday 9, morning, which translates to 10 per cent of the total amount disbursed so far.
“More than 14 million Kenyans have registered themselves with the fund while borrowers have—so far—saved Sh328 million from some 11 million transactions,” CS Chelugui said.
The number of Kenyans who have borrowed more than once stands at slightly over 700, 000.
The CS said that going by the data, Hustler Fund is progressing well noting that early gains continue to be recorded.
“Hustler Fund is a product of meticulous planning and execution. It is solving a properly diagnosed financial problem afflicting ordinary (Hustlers) Kenyans,” CS Chelugui said.
The fund, he said, is designed to spur growth, especially at the bottom of the pyramid.
The fund was launched on November 30, 2022, at Green Park terminus by President William Ruto, fulfilling his campaign’s promise of availing loans to support small businesses.
The fund can be accessed through the USSD code *254# or other platforms provided by mobile network providers in the country.
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