Exactly two weeks after the Hustler Fund was launched, some Sh1.8 billion had been repaid by 9 am today, Cooperatives CS Simon Chelugui has said.
This translates to slightly more than 20 per cent of the Sh8.4 billion disbursed so far.
At least 14.7 million people have received their money through the Fund.
Giving an update on the fund, Chelugui disclosed that Sh8.4 billion has been disbursed as of December 15, 2022.
Describing the progress so far as impressive, CS Chelugui stated that 16 million Kenyans were now accessing the Hustler Fund personal 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," he said.
"This shows the confidence that Kenyans have with Hustler Fund is growing tremendously."
At the same time, savings have hit Sh423 million while the number of Kenyans who have borrowed more than once stands at 1.7 million.
Total transactions are more than 14 million according to the data released by the CS in the morning.
"Hustler Fund came at the right time to cure a properly diagnosed financial challenge stifling business at the bottom of the pyramid,"Chelugui said.
In relation to that, Nandi Senator Samson Cherargei has called on Kenyans to get the Fund and ignore the people discouraging them.
'Get these funds and stop listening to naysayers of Azimio-Oka. It shall change your lives," Cherargei said.
While praising the Hustler Funds, he said there are many Small and Medium Enterprises (SMEs) that are now getting capital and are profitable.
A person must be at least 18 years old, have a valid national identification card, a registered SIM card and a mobile money account with Safaricom, Airtel, or Telkom to qualify.
The fund is specifically designed to support small-scale traders in the country.
The Hustler Fund comprises four products: personal, micro business, SME and start-up loans.
To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting with the government issuing strict measures to curb the same.
Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
The borrowers who default will also have their Hustler Fund account frozen.
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Category: Business
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