Hustler Fund has released Sh16.5bn since launch – Chelugui

Hustler Fund has released Sh16.5bn since launch - Chelugui
Hustler Fund has released Sh16.5bn since launch - Chelugui

Africa-Press – Kenya. A total of 16.5 billion from President William Ruto’s Hustler Fund has been disbursed as of today exactly two months since its launch. In the data, released by Cooperatives and MSME Cabinet Secretary Simon Chelugui who has also expressed his satisfaction over the gains realized so far, out of this slightly over Sh8 billion has been repaid translating to about 50 percent.

At least 27.5 million transactions have been recorded while the number of Kenyans who have opted in now stands at 18.5 million. The savings account according to the Chelugui now stands at Sh827 million while the number of repeat borrowers stands at 5.8 million. At the same time, the CS has announced that plans for the launch of the second product of the Hustler Fund are on course.

Speaking when he held a consultative meeting with Sacco central promoter, Chelugui said his ministry is committed to supporting this initiative that will create efficiency and enable smaller Saccos access this state-of-the-art digital platform that will include access to the National Payment System.

The government, he added, will also partner with regulated Saccos in the disbursement of the fund, especially the Micro business product which is being developed.

Saccos are expected to play a big role in the disbursement and management of the microbusiness product. “The President will launch the second product which is designed for saccos, groups and chamas next month February,” he said.

“This one will be bigger because we’ll be offering a minimum of Sh100, 000 and Sh2.5 million,” he said, adding: “I appeal to Kenyans to borrow and pay because the data will be used to determine want happens in the next phase.”

A key campaign promise, the Hustler Fund is a financial inclusion initiative that seeks to cushion Kenyans from predatory digital lenders while also ensuring that they have access to cheap credit to boost their businesses.

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