Kenyans have borrowed Kes19 billion from the Hustler Fund with 18 million opting into the fund since its launch two months ago.
Cooperatives and Micro, Small, and Medium Enterprises, CS Simon Chelugui, noted that borrowers have already paid back Kes10 billion.
Speaking during the Kenya National Police DT Sacco, Annual General Meeting the CS noted that Kenyans have saved Kes 977 million over the last two months through the fund kitty.
“As of 9 o’clock today this morning, we have disbursed 19, 605,419,802, and payment received is 10,605,775,060 shillings. The number of Kenyans who have opted in for the Kitty are 18, 903,017 and the savings made through this initiative by Kenyans in their accounts so far is 977Million shillings,” he said.
The loan limit will be increased to Kes2.5 million for the second phase of the fund's launch in March, according to Chelugui, to compete with commercial banks that have long seen small business owners as risky borrowers.
Savings and credit cooperative societies will start to have access to "Hustler" loans in the second phase.
The financial inclusion fund is a key element of President William Ruto's new economic order, which aims to alleviate unemployment and the lack of opportunities for low-income people through accessible credit.
In addition to credit, the fund features a built-in savings component that is aimed at Kenyans without access to formal work.
This kitty is supported by partial contributions from the government, with taxpayers matching up to Sh1 for every Kes2 given up to a maximum of Kes3,000 annually.
A Kenyan citizen must be 18 years of age or older, possess a valid identification card, and have a registered mobile number with a mobile networks provider such as Safaricom, Airtel, or Telkom in order to be eligible for the fund.
