Hustler Fund loans hit Sh14 billion

Hustler Fund

Hustler Fund has continued to gain traction among Kenyans as it closes in on two months since its launch.

Photo credit: Nation Media Group

President William Ruto’s Hustler Fund has continued to gain traction among Kenyans as it closes in on two months since its launch, with latest details showing borrowing has hit Sh14 billion.

Latest report on disbursements through the Financial Inclusion Fund, popularly known as Hustler Fund, show that in a period of 22 days since December 20, Kenyans borrowed Sh4 billion, reflecting over Sh1 billion in average weekly disbursements.

During the public hearings on the 2023/24 and the Medium Term Budget, an official from the fund disclosed that the amount disbursed by January 12 hit the new figure, up from the Sh10 billion that was last reported on December 20.

The official indicated that a total of 18 million Kenyans had opted into the fund by Thursday, beating its initial target to reach out to 17.6 million Kenyans.

“Of the Sh14 billion disbursed so far, Sh8.8 billion has come from the Exchequer,” the official said, during an update on programmes different government agencies under the General Economic and Commercial Affairs (Geca) Sector are undertaking.

She said as the amount Kenyans are borrowing goes up, so has the repayment which is at Sh6.3 billion, about 45 per cent of the fund’s loan book.

“The figures we have show there was need for the small loans that we have been disbursing, between Sh500 and1,000, due to the interest they have generated. Equally, repayment records are positive, showing Kenyans want to grow themselves,” the official said.

A total of Sh711 million had been saved through the fund by Thursday, comprising the five per cent borrowers are deducted from the amount they borrow.

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