President William Ruto has announced that more than fifteen million Kenyans have borrowed from the Hustler Fund Kitty since its launch.

Speaking on Monday, during the Labor Day celebrations at Uhuru Gardens,  he confirmed that Kenyans have borrowed Kes27 billion from the fund.

Additionally, Kes17 billion has been repaid.

The Hustler Fund loan, which targets Small and Medium enterprises, is given between Kes 500 and Kes 50,000, depending on credit scoring determined by various parameters.

In addition, the repayment period for the loan is 14 days with an interest of 8 per cent a year calculated per day.

Did you read this?

  1. Gov't Plans To Forcefully Recover Ksh.7B In Defaulted Hustler Fund loans From M-Pesa Accounts
  2. President Ruto Says Hustler Fund Is Corruption-Free
  3. 21 Million Kenyans , 800 Businesses Listed On CRB

If a customer borrows Kes 500 at 8 per cent interest a year, in 14 days, the interest will be Kes 1.53.

The customer will repay Kes 501.53