Kenyans borrowing Sh1million of Hustler Fund every minute
Cabinet Secretary for Cooperatives and Micro, Small Medium Enterprise Simon Chelugui has said Sh3.7 billion of Hustler Fund has been disbursed to borrowers who applied for it, just five days after President William Ruto launched it.
The CS, in his latest update on Monday, said the fund was generating positive feedback across the country.
According to the data, between 4am and 9am, the number of Hustler Fund Repeat Customers increased by 29,000, that is, from 162,000 to 191,000.
“Between 4am and 9am today (Monday), Kenyans borrowed Sh325 million from Hustler Fund (in 300 minutes) translating to more than Sh1 million per minute.”
CS Chelugui has attributed the gains being recorded periodically to a collective approach by a strong team of implementers spearheaded by the president.
“The planning and execution have been meticulous…We have received very positive feedback. The figures prove that the fund has come at the right time. Hustler Fund has plugged in a real and properly diagnosed need afflicting ordinary Kenyans,” Mr Chelugui said.
The CS added that 10 million Kenyans have opted in, a clear indication that Kenyans have been yearning for access to affordable credit to start their journey to economic transformation.
Data from the ministry shows that a total of Sh3.7 billion had been disbursed by Monday 9am, while slightly over Sh191 million has been repaid by borrowers.
Some 10.6 million Kenyans have also been registered through the fund’s digital platforms while borrowers have so far saved slightly over Sh187 million. The CS said repeat borrowers stand at 191, 000.
“Since 9am on Saturday to 9am on Monday, Sh2.1 billion has been disbursed, 5 million more Kenyans have opted into Hustler Fund and 4 million transactions have been done,” CS Chelugui said.
The Hustler Fund is a financial inclusion initiative and a key feature in President Ruto’s economic revival plan. It is geared towards boosting medium and small-scale traders in the country. Kenyans can access the fund through the USSD code *254#.