President William Ruto on Thursday rolled out the Hustler Fund for groups targeting chams and saccos to allow organisations and businesses to borrow money collectively.

During Kenya’s 60th independence anniversary in Embu, Ruto noted that these groups face barriers in accessing credit, savings, social security, health insurance and other socioeconomic amenities.

“I am sure that this will be very good news to my good friend Shiko from Ruaka, who, like many informal business entrepreneurs, was ready for this innovation even before we launched the first Hustler Fund product,” the President said.

According to data from the Ministry of Cooperatives and Micro, Small, and Medium Enterprises, Kenyans have borrowed Kes 24 billion from the kitty since its launch—late last year.

Further, the Fund has supported 19 million beneficiaries nationwide, with Kes4.2 billion repaid.

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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 Kes1.2 billion.