The loans disbursed through Hustler Fund has hit Ksh.2.9 billion since its launch by President William Ruto on November 30.
Reports indicate that 22 accounts are being processed in every second, at most, signalling spiralling demand for the government fund that so far attracts the lowest annual rate at 8 percent or 0.002 percent per day.
According to the Cooperatives and Micro, Small and Medium Enterprises Development Cabinet Secretary Simon Chelugui, Kenyans have embraced the initiative revealing that Ksh.129 million has so far been repaid.
“Hustler Fund has given 1.9 million loans in the last 24 hours, that is 1,333 transactions per minute, 22 loans per second,” said CS Chelugui.
As of Saturday, Ksh.1 billion had been disbursed from the kitty and an additional 2.45 million Kenyans had opted in.
“The Hustler Fund is progressing well and according to plan. Importantly, the repayments have more than doubled since yesterday from Sh49 million at 9 am yesterday to Sh129 million today at noon,” he stated.
Out of the record Ksh.2.9 billion, Kenyans have saved Ksh.147 million. Savings account on Hustler Fund is automated to attract a fee of 5 percent of the total amount borrowed.
Since its launch, the CS said 8.4 million Kenyans have registered with the fund.