Kenyans have saved a significant amount of money through the Hustler Fund, which
was launched by President William Ruto on November 30th. According to Cooperatives
Cabinet Secretary Simon Chelugui, Kenyans have saved a total of Sh740 million from 25
million transactions recorded since the launch of the fund. Additionally, borrowers have
also pocketed Sh14.8 billion.
As of Monday 3 pm, borrowers had repaid Sh6.8 billion, which translates to about 50%
of the total amount borrowed. This is a positive indication of the success of the Hustler
Fund and the responsible borrowing behavior of Kenyans. The loan limit has also been
reviewed and those who previously qualified for Sh500 can now qualify for more than
Sh900. The review was based on the individual’s repayment record.
The Hustler Fund, launched by President William Ruto on November 30th, is the
biggest campaign promise by the Kenya Kwanza administration targeting ordinary
Kenyans. So far, 18 million Kenyans have been registered on the service and are
accessing the fund. At the same time, the number of those who have borrowed more
than once now stands at 5.3 million.
“We have directly touched more than 18 million Kenyans through the fund and we are
happy with the progress we are making,” said CS Chelugui.
From the current trend, it implies that over the last 20 days, Sh8 million has been saved
daily. This is a significant achievement and highlights the positive impact of the Hustler
Fund on the lives of ordinary Kenyans. The second product of the Hustler Fund, which
targets saccos, groups, startups, and chamas, will be launched next month. This is
expected to bring even more benefits to Kenyans and help to achieve the objectives of
the Hustler Fund.
