Over Ksh9.6 billion from the Hustler Fund has been disbursed as loans since the launch of the product early this month, Cooperatives and MSMEs Development Cabinet Secretary Simon Chelugui has said.
Speaking to members of the press in Nairobi on Monday, December 19, Chelugui said more than 16.5 million Kenyans have registered for the product.
Loan beneficiaries have also saved Ksh480 million from 17 million transactions recorded so far.
“By 9 am today, Ksh9.6 billion had been disbursed to hustlers… More than 16.5 million Kenyans have been registered and are accessing the fund,” Chelugui stated.
According to the CS, over Ksh2.7 billion has also been repaid, translating to 23 per cent of the amount disbursed.
He encouraged Kenyans to continue repaying the loan to grow their limits to a maximum of Ksh50,000 currently being offered by the Kenya Kwanza administration.
“The idea is to start small and grow big…so long as you repay without delay you’ll be able to grow and get the maximum amount which is Ksh50, 000,” CS Chelugui said.
President William Ruto launched the kitty on November 30 as part of his campaign pledge to empower small business owners in the country.
Last week, the Head of State asked Kenyans to ignore calls from the opposition to default on the loan.
Speaking at Nyayo Stadium during Jamhuri Day celebrations on Monday, December 12, 2022, the President noted that the move would leave many people at the mercy of predatory lenders who charge high-interest rates.
“And it is clear that two things have come around because of what you have seen on the Husker Fund. Number one it has provided a platform for millions of Kenyans who have been looking for an opportunity to save. And number two, the Kenyans borrowing on this platform they have not been derailed by the rhetoric of those who are against the Hustler Fund.
“Let me say for the record, you have the capacity to borrow from your bad at 14 per cent. Why do you want to derail the hustlers who today are suffering from shylocks and from predatory lenders and they are being charged 360 per cent?” Ruto posed while castigating Azimio la Umoja One Kenya coalition leaders.
He added: “And you are telling them not to pay money given to them at eight per cent so that they can go back and pay at 360 per cent. Be human, be kind, and please allow the people borrowing on the Hustler Fund to also enjoy low-interest rates the way you and your families are enjoying.”
Hustler Fund money belongs to Kenyans
A section of members of the Azimio la Umoja one Kenya Coalition has been urging their supporters not to repay their Hustler Fund loans, saying the money is from their taxes.