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Kenyans get over Sh408m in Hustler Fund loans, hours after launch

Just hours after President William Ruto launched the Hustler Fund, millions of Kenyans have made requests for the fund.

According to the Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, a total of Sh408 million had been disbursed since the fund’s launch.

The CS said on Thursday that some 1.14 million hustlers have fully registered themselves in the kitty specifically designed to boost small-scale traders.

Also read: What happens if you don’t repay the Hustler’s fund?

Kenyans can access the fund by dialling the USSD cod *254#, and have access to a minimum of Sh500; their maximum borrowing is up to Sh50, 000.

Also read: How to determine your own Hustler Fund loan amount

During the campaigns, the president promised to allocate an Sh50 billion Hustler Fund to the youth and cast himself as a “hustler.” The Kenya Kwanza leader rode the class narrative wave to the State House.

While launching the fund on Wednesday at the Green Park terminus in Nairobi, the president said that the fund would unlock economic equality.

“I am happy that from today we shall all be equal as Kenyans. This is the fund that is going to equalise all the people of Kenya so that every citizen can know that they matter and they count,” the president said.

The President said that the fund’s origins go back to the numerous trips that the Kenya Kwanza Alliance leaders made across the country, where Kenyans complained of loans and a lack of money to grow their businesses.

Also read: Why some Kenyans are not excited about Sh50 billion Hustler Fund

In the fund, those who qualify will have a 14-day period to repay, and their limit will gradually rise depending on their repayment speed.

A daily rate of 0.002 percent interest is what the government is charging from the borrowers.
The fund is a relief to many Kenyans and small business people waiting to boost their businesses.

According to the government, 95 percent of the approved fund will be deposited to the borrowers’ line (Safaricom, Airtel, Telkom), while the remaining 5 percent will be deposited to their savings account scheme of the Hustler Fund.

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