Since the fund started in November 2022, Kenyans have borrowed Sh14.8 billion. This is according to data released by Cooperatives Cabinet Secretary Simon Chelugui.
Of this Sh14.8 billion, about 50%, Sh6.8 billion has been repaid. This borrower has also saved Sh740 million from 25 million transactions.
According to the data, 18 million Kenyans are registered on the service, which automatically gives them access to the funds.
“We have directly touched over 18 million Kenyans through these funds and we are happy with the progress we are making,” he said. CS said.
Fortunately, these numbers show some success and lead to increased loan limits for registered borrowers. Those who previously qualified for Sh500 now qualify for more than Sh900.
“The second product of the Hustler Fund targeting saccos, groups, startups and chamas will be launched next month,” add CS.
Before becoming president of Kenya, William Ruto campaigned on a promise to focus on ordinary Kenyans during his administration.
This sentimentality resonates in a country where the people demand a president who is directly concerned with their welfare and aspirations.
During that time, he talked about initiatives targeting the more vulnerable people in the country, especially those who want to contribute to the economy but lack the means.
This complication led to one of the president’s most popular initiatives, the Hustler Fund, a program he started when he entered office.
Hustler Fund is a government fund that allows Kenyans to borrow Money through mobile phones. Initially, the fund was given an initial capital of Kshs 50 Billion.
Like government notes, this fund will give citizens the opportunity to start or boost their businesses without being crushed by predatory lenders, shylocks, and over-the-roof interest rates.