Here Is How Much Kenyans Have Borrowed From Hustler Fund So Far

President William Ruto has disclosed that Kenyans have so far borrowed 20 billion shillings from the Hustler Fund a few weeks after its launch.

This is an increase from the 9.58 billion shillings that had been borrowed by December 20 underlying the Kenyans’ huge reliance on loans amid the high cost of living.

“We agreed that we are going to build this economy from the bottom up and we have started that journey. That is why we initiated the Hustler Fund and to date, Kenyans have borrowed over 20 billion shillings to boost their businesses. We will increase the fund every month to ensure that Kenyans that borrowed 500 shillings can borrow 50,000 shillings,” said President Ruto in Mombasa.

Cooperatives and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui had said the largest loan issued to a borrower is 5,000 shillings. The head of state said many Kenyans continue to borrow from the government kitty to boost their businesses.

According to the Head of State, borrowing from the 50 billion shillings government kitty will not only shield Kenyans from harassment but also help in getting rid of cartels, and brokers who have been taking advantage of vulnerable borrowers.

Ruto maintained that the government will next month launch the second phase to cater for Saccos and other small institutions. Businesses will get a chance to borrow between 100,000 shillings and 2.5 million shillings.

“We are making sure that our economy is founded on sound economic policies that will stand the test of time today, tomorrow, and in the years to come,” he added.

The hustler fund has attracted a lot of borrowers since its launch, owing to its low-interest rate of 0.02 percent per day. The loan limits for individuals from the fund were set at a minimum of 500 shillings and a maximum of 50,000 shillings.

As of December 20, some 16.59 million Kenyans had subscribed to the fund while 2.69 million customers had already borrowed more than once.

Nairobi reported the highest number of subscribers to the fund at 1.4 million, with the amount of money borrowed being 1.14 billion shillings. It was followed by Kiambu, Nakuru, and Machakos at 651 million shillings, 454 million shillings, and 354 million shillings respectively.

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