Hustler Fund repayment stands at Sh10 billion
The Hustler Fund has hit another milestone with debt repayment having crossed the Sh10 billion mark, Cooperatives and MSME Development Cabinet Secretary Simon Chelugui has said.
In his latest data released, the CS said Sh18.7 billion has been disbursed since the inception of the Financial Inclusion Initiative that was launched in November by President William Ruto. The CS said savings now stand at Sh940 million.
Chelugui also said the Hustler Fund borrowing limits have been raised by 100 per cent for loyal borrowers, an increment which is in line with the promises made last week by the President.
Only those who have consistently borrowed and dutifully serviced their loan will enjoy the new offer.
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“The beneficiaries have been contacted and are already enjoying a higher loan limit,” Chelugui said, adding that he was impressed with the progress made so far.
“Indeed, I am proud of the progress we have made so far. We continue to receive very positive feedback from the targeted groups such as fruits and vegetable vendors (mama mbogas), jua kali and boda boda operators,” Chelugui said.
The number of Kenyans who have borrowed more than once now stands at 6.1 million.
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The President is expected to launch the Micro Credit, designed for Saccos, start-ups, and groups to borrow on behalf of their members.
The Fund will range from Sh250,000 to Sh2.5 million.
The launch of the Hustler Fund was the fulfilment of the Kenya Kwanza administration’s promises that they made during the campaigns as an alternative loan to the shylocks which are giving out their loans with high-interest rates.
During the launch, the government announced that Sh50 billion had been set aside for the loan, and the minimum limit was Sh500 while the maximum is Sh50,000.
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