A total of Sh57 billion has been disbursed to Kenyans through the Hustlers Fund to enhance financial inclusion.
A despatch from the Cabinet on Tuesday showed that at least two million customers are now regular daily borrowers.
“Additionally, in keeping with the administration's pledge to inculcate a culture of saving for posterity, the Fund has successfully mobilised Sh3.2 billion in savings,” the statement reads.
The despatch noted that the Cabinet directed the rollout of a third product offering specifically focused on the Small and Medium Enterprises (SME) sector.
“This new product will initially target the 2 million beneficiaries who have demonstrated a strong credit history with the fund. This ground-breaking initiative aims to create a pathway for banking the targeted beneficiaries, further deepening financial inclusion within the SME sector,” the statement added.
The Hustler Fund, administratively also known as The Financial Inclusion Fund, is a loan project led by the Kenyan government that provides instant loans to Kenyan citizens upon request. The programme was launched by President William Ruto on November 30, 2022.
Last month, Cooperative and MSMEs Cabinet Secretary Wycliffe Oparanya announced that he would be going after Kenyans who have defaulted in repaying loans from the Hustler Fund.
Speaking at a Small and Medium Enterprises conference in Nairobi, Oparanya said his ministry is developing a system to track Kenyans who have not repaid their loans.
“You will see someone knocking at your door and ask, can you pay the Hustler loan back for the benefit of others,” he said.
The CS said the Hustler Fund was an innovative idea that promised to create wealth and job opportunities.
