Economy

A Breakdown of How Kenyans Have Borrowed, Saved from Hustler Fund

Kenyans celebrate the Hustler Fund programme’s one-year anniversary with Ksh.39.7 billion in loans, reaching 21.8 million individuals and groups.

President William Ruto announced Ksh.28 billion has been repaid and Ksh.1.9 billion saved from a fund, with 7.7 million repeat customers in 52.5 million transactions.

The Hustler Fund’s group fund, launched on June 1, 2023, has created 591,661 groups, with 52,716 groups serving 1,215,072 approved members accessing funding.

40,543 groups have been assigned limits, 12,545 have been completed, and 583,787 members are awaiting approval.

Ksh.168,030,863 has been disbursed under the funds’ group package, with 22,225 unique borrowing groups serving 281,030 members. 3,766 loan requests await approval.

From Ksh.39.7 billion disbursed as personal and group loans, a total of Ksh.25, 601,820 has been repaid and Ksh.8, 401,543 saved.

Ruto’s government launched an individual fund on November 30, 2022, to directly empower MSMEs, providing eight million Kenyans with a second chance at the lowest interest rate.

Kenyan citizens aged 18+, with valid identification cards, registered mobile numbers with Safaricom, Airtel, or Telkom, and over 90 days mobile money accounts are eligible for the Hustler Fund.

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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