At least 2.1 million Hustler Fund customers have been rewarded for saving through the platform, President William Ruto has announced.
The head of state said the customers have been rewarded Sh1 for every Sh2 saved on the platform.
"Cultivating, nurturing, and making a habit out of saving, is an indisputable path towards the financial independence of our country. We pledged to encourage the culture of saving through the innovative Hustler Fund," he said.
During the Hustler Fund's first anniversary on November 30, Ruto said the platform is rewarding Kenyans who have saved, borrowed and repaid diligently with enhanced credit limits.
"More than 1.2 million Kenyans who have conscientiously borrowed or saved through the platform will benefit from this new development," he said.
Ruti added that the government will continuously enhance the product and limits to borrowers as it reviews customer loyalty.
“Nimeskia wangwana hapa wakisema ahadi ni deni na dawa ya deni kulipa. Niliambia wakenya kwamba ukikopa na uweke akiba, hiyo akiba tutakuongezea. Ukiweka akiba ya shilingi mbili serikali itakuongeza shilling moja,” he said.
(I hear people here say a promise is a debt. I told Kenyans that if you save Sh2, the government will add you a shilling)
“Leo ndiyo ile siku mtapata pesa,” he said amidst cheers from the crowd.
Ruto explained that the particular borrowers will be given a matching reward in their long-term savings accounts.
This means that those who have saved Sh6,000 will get an additional Sh3,000.
A total of Sh2 billion has so far been saved from Sh39.5 billion which has been disbursed exactly a year since the launch.
From every loan borrowed, the government has been deducting and remitting five per cent to a fixed savings account where 70 per cent is reserved for the long term and 30 per cent for the short term.
Long-term savings are accessible after 60 years while short term can be accessed after one year.
The president at the same time noted that the government will make short-term savings accessible to customers to provide greater flexibility and immediate benefits from their savings efforts.
A total of 19 million Kenyans have borrowed with about seven million Kenyans borrowing daily.
Further statistics show that one million people have borrowed 100 times with one individual having borrowed 1,300 times.
The leading borrower has received Sh4.5m in 814 transactions, saving a total of Sh225,000.
