President William Ruto has put up a spirited defence for the hustler fund, terming it a revolutionary idea that has taken the country's financial ecosystem by a storm.
Speaking during the Madaraka Day celebrations at Moi Stadium in Embu, Ruto revealed that nearly Sh30 billion has been accessed by borrowers through the hustler fund.
Saying the hustler fund has given many Kenyans economic freedom, Ruto said the total number of digital transactions now stands at 42.5 million.
He said some 20.2 million Kenyans have accessed the hustler fund and repaid Sh19.7billion, with 7 million being repeat customers.
''Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund,'' he said.
Ruto said the fund is on its way to becoming effectively the biggest financial institution by the number of borrowers and active loans, turning around the country’s fintech.
''Today, as we celebrate progress in achieving economic freedom, we also celebrate our digital economy, powered by our famous fintech community,'' he said.
As a result, Ruto said, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund.
He said the Hustler Fund also re-engineered the idea of collateral by deploying the borrower’s credit score as effective security.
''Without doubt, the Hustler Fund has been more than transformational; it is revolutionary,'' he said.
