President William Ruto on Thursday boasted of the success of his 'flagship project' the Hustler Fund.
Making his State of the Nation address at Parliament Buildings, Ruto said Kenyans' reaction towards the Hustler Fund exceeded their expectations and surprised them.
Giving data, as of October 31, 2023, the government had disbursed Sh26.6 billion and saved Sh2.3 billion.
"We had 7.7 million borrowers whose overall repayment rate is at 73 per cent," Ruto told the legislators.
The debt borrowers of the fund as of October 31, 2023, have accessed Sh4.5 million in 816 transactions while the top voluntary saver is at Sh631, 491.
The Head of State further said that the Huster Fund group product has attracted 50,000 groups.
"Out of the 50,000 groups, 20,000 have received Sh151 million," he added.
President Ruto said the Hustler Fund has not only provided Kenyans with affordable credit but also shows the readiness of Kenyans to embrace borrowing and repaying culture.
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 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