Nairobi News


Kenyans lauded for ‘trusting’ Hustler Fund

Cabinet Secretary for Cooperatives and MSME Development, Simon Chelugui, has lauded Kenyans for having trust in the government’s Hustler Fund.

In his update to the fund on Thursday, the CS said two weeks after the launch Sh1.8 billion has been repaid to the fund. This, he said, translates to almost 20 per cent of the total Sh8.4 billion that has been disbursed so far.

The CS also said that 16 million Kenyans were now accessing the Hustler Fund’s finance product.

“We’re progressing well and proud of what we’ve been able to achieve so far… In fact, the amount of borrowing is now almost at par with the amount repaid per day. This shows that the confidence that Kenyans have with Hustler Fund is growing tremendously,” Chelugui said.

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He said the Hustler Fund came at the right time to cure a properly diagnosed financial challenge stifling businesses at the bottom of the pyramid.

From the data, savings have hit Sh423 million while the number of Kenyans who have borrowed more than once stands at 1.7 million. Also, the total transactions are over 14 million.

Apart from personal finance, the Hustler Fund also compromises micro-business, SME and startup loans which will be launched in February.

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Recently, the data from the ministry indicated that the majority of the borrowers are the youth. Data also shows that most of the borrowers of the fund do not have Android phones, instead, they are using “Mulika Mwizi” phones.

According to President William Ruto, who launched the fund as part of his economic revival plans, the government is targeting small-scale traders to help them access cheap credit and cushioning them from predatory digital lenders.

At the same, the president urged borrowers to repay their loans in time for their funds limit to grow.

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