Two months on: Hustler Fund disburses Sh16.5b since its launch
It is two months since President William Ruto launched the personal finance-Hustler Fund in a colorful ceremony that was held at the Green Park Terminus, Nairobi.
According to Cooperatives and MSME Development Cabinet Secretary Simon Chelugui, the fund has disbursed Sh16.5 billion since its inception.
The CS said a lot of gains had been recorded, and out of Sh16.5 billion that Kenyans have borrowed, slightly over Sh8 billion has been repaid, translating to about 50 percent.
A total of 27.5 million transactions have been recorded, while the number of Kenyans who have opted in now stands at 18.5 million.
The ministry says that savings account stands at Sh827 million, while the number of repeat borrowers stands at 5.8 million.
This comes days before the launch of the second product of the Hustler Fund in February, which is designed for Saccos, and groups.
“This one will be bigger because we’ll be offering a minimum of Sh100, 000 and Sh2.5 million. I appeal to Kenyans to borrow and pay because the data will be used to determine want happens in the next phase,” CS Chelugui said.
The launch of the fund was among the promises that the President made during his campaigns to cushion Kenyans from predatory digital lenders while ensuring they have access to cheap credit to boost their businesses.
President Ruto’s government announced Sh50 billion has been set aside for the fund, and Kenyans can access it through Safaricom, Airtel, and Telkom services.
The minimum amount can be borrowed is Sh500, and the maximum is Sh50, 000.
From the data shared by the fund, most borrowers are the youth, men leading with 53 percent compared to females who are at 47 percent.
Also, 53 percent of the borrowers are using feature phones (mulika mwizi) to access the funds, while those using smartphones are 47 percent.