Africa-Press – Kenya. The Sh50 billion Hustler Fund has to date disbursed in excess of Sh36.5 billion shillings to borrowers since its inception on December 1, 2022.
Latest data from the Ministry of Cooperatives and MSMEs, personal loans disbursed to date stood at Sh36,506,487,819 as of 9am on September 12, 2023.
Out of the amount, Sh25,798,952,846 has been repaid while customers have made Sh1,825,324,451 in savings.
The data further shows that a total of 21,188,903 customers have opted into the fund, 7,537,965 of them being repeat customers.
In total, the fund has witnessed 49,379,110 transactions.
Meanwhile, the ministry says 454,310 sacco groups have so far been created and opted into the fund while 515,705 others are pending approval.
It said 47,108 groups have been approved as complete with cumulative approved membership of 1,064,257.
The ministry said groups who have since been assigned borrowing limits stand at 36,995, complete groups awaiting limit to be assigned are 10,387, while the loan requests pending member approval are 3,431.
Meanwhile, the fund has so far disbursed Sh146,888,111 to groups after a cumulative 20,165 transactions from 263,539 groups.
The amount that has so far been paid back stands at Sh13,131,421 while borrowing groups have saved Sh7,344,406.
Two weeks ago, President William Ruto downplayed as ‘inconsequential’ reports that Sh3 billion had been defaulted by borrowers.
He instead commended the loan uptake terming it impressive with repayment being over 70 per cent of the total Sh35 billion that had been disbursed over a period of nine months since the launch.
“We have so far lent Sh35 billion, so if only Sh3 billion has not been repaid is that a problem?” he posed during a meeting with a group of leaders from the Rift Valley.
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