75% of Kenyans haven’t repaid their Hustler Fund loan
The total amount of Hustler Fund borrowed by Kenyans has hit Sh7.5 billion, and only Sh1.1 billion has been repaid, which translates to 15 per cent.
According to the Cooperatives and MSME Development Cabinet Secretary Simon Chelugui, slightly over 15 million Kenyans have been registered so far, an indication of the confidence that Kenyans have in the Hustler Fund Kenya Kwanza administration of President William Ruto.
“We’re very impressed with the progress so far and the figures are very encouraging… I also remind Kenyans to borrow and pay because that’s the only way you can enhance your credit score,” CS Chelugui said.
The CS has further said that Kenyans have saved Sh377 million from some 13 million transactions.
Also, the number of Kenyans who have borrowed more than once now stands at 1.1 million.
On Friday, the data indicated 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.
According to the ministry, the majority of borrowers are accessing the fund using phones with no internet access (Mulika Mwizi), which is 57 per cent, compared to those using Android phones at 43 per cent.
The Hustler Fund was launched on November 30 by President Ruto, announcing that the government was injecting Sh50 billion into the fund to enable small businesses to access easy loans.
The fund can be accessed through the USSD code *254# or other platforms provided by mobile network providers in the country.
The fund has however been challenged in court by two civilians who claim that the kitty is illegal and an avenue to loot public coffers.
The petitioners, Mr Bernard Odero Okello and Kevin Ndoho Macharia, want the court to suspend the implementation of the fund and disbursement of loans pending the determination of the lawsuit filed at the High Court in Milimani, Nairobi.
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