NAIROBI, Kenya, Mar 23 – Kenyans have so far taken up Sh24 billion from the Hustler Fund since it was launched by President William Ruto late last year.
The fund has supported 19 million beneficiaries nationwide.
The Ministry of Cooperatives and Micro, Small, and Medium Enterprises notes that sh14.2 billion has been repaid as of today.
Customers who have borrowed more than once in the kitty now stand at 6.6 million. The total amount saved on the kitty in the last four months is sh1.2 billion.
On March 10, 2023, CS for MSMEs Simon Chelugui said over 800,000 borrowers under the Hustler Fund had defaulted on paying back their loans within the stipulated time of 30 days.
“There are about 800,000 Kenyans who have borrowed and have passed the limit of 30 days of paying the debt, however, we are still giving them a chance and we believe through enlightening and informing them to pay what they borrowed will help them respond,” said Chelugui, Cabinet Secretary for Cooperatives and MSMEs.
“Out of the 19 million Kenyans enrolled only 16 million have borrowed from the fund, the 3 million are enrolled but did not borrow anything either because they are waiting for the large amount or they have not made their choice yet, however, we still welcome them when they decide.”
The second phase of the Hustler Fund was launched on March 3 by President Ruto and will give loans of between Sh10,000 and Sh200,000 to businesses.
Besides credit, the fund also offers a saving component where taxpayers will match Sh1 for every Sh2 contributed by the state.
One must be a Kenyan citizen aged 18 or older with a valid identification card with a registered mobile number (Safaricom, Airtel, and Telkom) to be eligible.
One will also be required to have a mobile money account that is either Mpesa, Airtel Money, or Tkash, and the sim card must have been in use for more than 90 days.
The Hustlers Fund identifier is the ID number; hence, one customer cannot use more than one number to borrow.
