Kenya's 60th Madaraka Day, dubbed a Celebration of Freedom and Enterprise, will come to a close with the introduction of the Hustler Fund's second product, the Financial Inclusion Fund's second offering.
President William Ruto said in his Madaraka Day speech to the country that the fund is intended to make it easier for people to obtain money through groups and to usher the collectively driven competitive market company online.
The Hustler Fund will use organizations like chamas and saccos to help people overcome exclusion and obstacles to accessing credit, savings, social security, health insurance, and other socioeconomic amenities in order to promote inclusion. This is how we will mainstream our way of life through technology and legislation.
The President said, "We are dedicated to harnessing fintech to make sure that nobody is left behind in the financial and entrepreneurial inclusiveness revolution.
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The Head of State expressed appreciation for the individual loans, the Hustler Fund's first product, which he claimed was groundbreaking and "turned around the country's fintech, transforming it from a predatory ecosystem to a more responsible one."
As seen by claims that Safaricom alone has added at least 2 million new subscribers to its financial ecosystem thanks to the Fund, he stated, "Kenya's digital economy has thus received a tremendous boost."
According to Ruto, the overall number of digital transactions related to the individual Hustler Fund loans has reached 42.5 million, through which 20.2 million Kenyans have accessed around KSh.30 billion and repaid KSh19.7 billion, with 7 million being repeat customers.
In order to use the Hustler Fund, borrowers do not need to know anyone, pay any officials, or go through arduous administrative processes. Not a single shilling has been taken through corruption. They can acquire money anywhere they are with just a gadget, some airtime, and a few minutes, he claimed.
On November 30, 2022, the President announced the creation of the personal Hustler Fund, which was made accessible through mobile money systems.
