Cooperatives and SME Cabinet Secretary Simon Chelugui on Thursday, December 15 provided an update on the Hustler Fund saying it was progressing well.
Thursday marked exactly two weeks since President Ruto launched the Sh50 Billion government-funded loan product.
By 9 am yesterday, Ksh8.4 billion had been disbursed while Kh1.8 billion had been repaid, CS Chelugui said.
The CS said at least 14.7 million people have received their Hustler loans, with 16 million Kenyans able to access the personal finance product.
“We’re progressing well and proud of what we’ve been able to achieve so far. In fact, the amount of borrowing is now almost at par with the amount repaid per day,” he said.
“This shows the confidence that Kenyans have with Hustler Fund is growing tremendously.”
CS Chelugui at the same time said savings have hit Ksh423 million while the number of Kenyans who have borrowed more than once stands at 1.7 million.
According to data released by the CS, total transactions were more than 14 million as of December 15, 2022.
“Hustler Fund came at the right time to cure a properly diagnosed financial challenge stifling business at the bottom of the pyramid, “Chelugui noted.