According to Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, Kenyans have borrowed Kes 1,381,747,777 of the Hustler Fund by Friday midnight.
He has said that 5,191,542 customers have opted in for the Hustler Fund, with transactions at Kes 2,346,675 and a total repayment of Kes 48,526,204.
To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting, with the State issuing strict measures to curb the same.
Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer does not pay the loans within the required time, they will be added an extra 15 days before the interest rate increment.
Further, President William Ruto said borrowers who default will also have their Hustler Fund account frozen.
"After more than 30 days of default, the borrower loses all the credit scores accumulated, and the Hustler Fund account is frozen," he said
President William Ruto, during the launch, said loan defaulters will not be listed on CRBs, as they will have another chance of reborrowing.
"The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment," he said.
However, Ruto said borrowers can increase their loan limits if they repay their loans before the stipulated repayment day elapses.
