Kenyans have borrowed Kes24 billion from the Hustler Fund kitty since its launch by President Wiliam Ruto last year.
According to the Ministry of Cooperatives and Micro, Small, and Medium Enterprises, the fund has supported 19 million beneficiaries nationwide.
The MSMEs Cabinet Secretary Simon Chelugui confirmed on March,23 that Kes 14.2 billion has been repaid as of today.
The number of repeat borrowers in the account currently stands at 6.6 million. In the past four months, people have saved a total of Kes1.2 billion in the fund.
On March 10, 2023, CS for MSMEs Simon Chelugui reported that more than 800,000 Hustler Fund borrowers had failed to repay their loans within the allotted 30-day period.
Did you read this?
“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.
Further, he also noted that 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.
“We still welcome them when they decide,” he said.
On March 3, President Ruto announced the second phase of the Hustler Fund, which will provide loans to entrepreneurs ranging from Kes10,000 to Kes200,000.
In addition to credit, the fund has a saving component where taxpayers match Kes1 for every Kes2 that the state contributes.
To be eligible, one must be a Kenyan citizen who is at least 18 years old and possesses a valid identification card with a registered cellphone number (Safaricom, Airtel, or Telkom).
A mobile money account with either Mpesa, Airtel Money or Tkash will also be necessary, as will a sim card that has been in use for more than 90 days.
One customer cannot use more than one ID number since the ID number serves as the Hustlers Fund's unique id
