Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui says the performance of the Hustler Loan Fund shows there’s money circulating at the bottom of the pyramid.
Speaking on a local television station on Thursday, March 9, the CS said Kenyans had borrowed over Sh 21 billion as of March 6, 2023.
The CS added that Sh11.8 billion has been repaid so far while Kenyans have saved a handsome Sh1 billion through the Hustler Fund.
Additionally, over 18 million Kenyans are now registered with the fund since it was launched on November 30, 2022.
“With Ksh22B in circulation, it’s a good testimony that there’s money circulating at the bottom of the pyramid,” the CS said.
CS Chelugui at the same time disclosed over 10 percent of Kenyans have been delisted from the formerly punitive Credit Reference Bureau (CRB).
“We have delisted six million Kenyans from the CRB & also creating a savings culture in Kenyans,” he added.
On the issue of the credit score limit, the minister said it will be increased after a period of three months of successful borrowing and payment of the loan.
“Every three months, term limits will increase, so Kenyans should borrow money and repay it promptly to qualify for an increase.”