The government has processed 22 Hustler Fund loans per second in the last 24 hours, with a total of Sh2.9 billion disbursed since its launch on Thursday last week.
Commenting on the uptake yesterday, Cooperatives and Micro, Small and Medium Enterprises Development Cabinet Secretary Simon Chelugui said Kenyans have embraced the fund as he revealed that over Sh129 million had been repaid by Saturday.
“Since yesterday at noon, Kenyans have borrowed one billion shillings in 24 hours from the Hustler Fund. An additional 2.45 million Kenyans have opted to join the Fund. This is 102,000 Kenyans per hour. Hustler Fund has given 1.9 million loans in the last 24 hours, that is 1,333 transactions per minute, 22 loans per second,” said the CS.
“The Hustler Fund is progressing well and according to plan. Importantly, the repayments have more than doubled since yesterday from Sh49 million at 9 am yesterday to Sh129 million today at noon,” he stated.
Mr Chelugui also noted that borrowers have so far saved Sh147 million, which is 5 per cent of the total amounts borrowed so far.
Appetite for cheap loans
Already, 8.4 million Kenyans have registered for the fund through digital platforms, including the USSD code *254#.
The Hustler fund, a digital financial inclusion initiative launched by the President, provides access to credit for individuals and MSMEs. Individuals can borrow between Sh500 and Sh50,000. MSMEs seeking capital of between Sh100, 000 and Sh5 million shillings will benefit from the fund beginning February next year.
On the first day, Kenyans borrowed an average of Sh17 million an hour, highlighting the appetite for cheap loans.
Kenyans who wish to apply for the loans must be at least 18 years old, have a national identity card and a registered SIM card and mobile money account with Safaricom, Airtel or Telkom. The lines must also have been in use for at least 90 days.