Kenyans have borrowed Sh21.2 billion from the Hustler Fund since its launch on November 30, 2022.
This is according to the latest update as of March 3, 2023, 9am.
The data also shows that Sh11.9 billion has been repaid so far while Kenyans have saved Sh1 billion through the Hustler Fund.
Also, at least 15 million Kenyans have borrowed money from Hustler Fund.
President Ruto’s Hustler Fund is one of the flagship projects he promised during his campaigns.
A person must be at least 18 years old and have a valid national identification card, a registered SIM card and a mobile money account with Safaricom, Airtel, or Telkom to qualify.
The fund is specifically designed to support small-scale traders in the country.
The Hustler Fund comprises four products: personal, micro business, SME and start-up loans.
To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting with the government issuing strict measures to curb the same.
Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
The borrowers who default will also have their Hustler Fund account frozen.
On March 2, President Ruto launched the second product of the Hustler Fund.
This comes as the Hustler Fund seeks to partner with Sacco's
The product will provide low-interest loans to members of savings and credit cooperatives (Saccos) across the country.
Kenyans will be able to borrow a bigger amount ranging from Sh100,000 to Sh2.5 million.
Last month, Cooperatives and Micro Small Enterprises CS Simon Chelugui encouraged Saccos to set up more Front Office.
