Hustler fund 28billion disbursed
Five months after the Hustler Fund’s debut, the government claims that great progress has been made in terms of adoption.
According to the most recent numbers provided by Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui, as of Wednesday evening at 6 p.m., at least 20 million Kenyans had taken out loans.
Sh28,445,739,531 was distributed out of a total of 41,074,603 transactions.
Following claims that the fund had ceased and that Kenyans were no longer able to access the money, the numbers have now been made public.
“The Hustler fund is proceeding as planned. It is active, and the statistics are positive. Kenyans should disregard the gloom and doom preachers. According to the CS, we are delivering, the Star.
Kenyans still have access to the funds.
Hustler fund 28billion disbursed
The total amount repaid is Sh18,448,196,931, and the government has saved Sh1.42 billion as a result.
6.9 million customers returned frequently.
The CS states that after one year, borrowers can access their savings, but only 30% of the whole amount will be available while the remaining 70% is preserved for later use.
President Ruto introduced the financial inclusion fund, also known as financial inclusion, in November. Its initial wave of lending targeted low-income individuals with loans ranging from Sh500 to Sh50,000.
Dr Ruto on November 30 last year launched the first phase of the Hustler Fund which has been issuing 14-day loans of between Sh500 and Sh50,000 at an interest rate of eight per cent per annum or 0.02 per cent daily.
Some 19.06 million customers have borrowed Sh21.1 billion from the fund in 33.36 million transactions and have repaid Sh11.8 billion, translating to a repayment rate of 56 per cent.
The Head of State yesterday launched the micro-loan product that seeks to help millions of small businesses, which are the bedrock of the country’s economy, access affordable credit to boost their operations.
