Government responds to reports on the collapse of hustler fund
2 min read
Government dispels rumours on collapse of hustler fund adding that KSh28 billion have already been disbursed so far
Government dispels rumours on collapse of hustler fund adding that KSh28 billion have already been disbursed so far
Five months after the Hustler Fund’s launch, the government claims that great progress has been made in terms of adoption.
According to the most recent numbers provided by Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui, as of Wednesday evening at 6 p.m., at least 20 million Kenyans had taken out loans.
Sh28,445,739,531 was distributed out of a total of 41,074,603 transactions.
The release of the figures comes in the wake of reports that the hustler fund ended and that Kenyans could no longer access the money.
“The Hustler fund is firmly on track. It is active and the numbers are encouraging. Kenyans should ignore the prophets of doom. We are delivering,” the CS said.
“Kenyans continue to access the funds.”
Ruto promise free land to foreign investor
Ezekiel church on verge of closure as government accuses him of non-tax compliance
Tough times ahead as Pro Ruto MPs vows to pass controversial finance bill unchanged
Total repayment has hit Sh18,448,196,931 with the government having saved Sh1.42 billion.
The number of repeat customers was at 6.9 million.
According to the CS, borrowers can only access their savings after one year but only 30 percent of the total money saved will be accessible while the remainder which is 70 percent is saved for the long term.
The fund otherwise known as financial inclusion was launched in November by President Ruto and targeted low-income earners with loans ranging from Sh500-Sh50,000 being offered in the first phase.
It sought to address unemployment and the lack of opportunities for low-income earners through affordable credits.
The second product of the fund which targets Saccos is also currently running with members eligible to borrow an amount ranging from Sh100,000 to Sh2.5 million.
Also read,
Finance bill 2023: Ruto’s plan to force landlords to pay taxes within 24 hours
Ruto’s proposed finance bill to worsen the cost of living situation, Tax experts warn
KNEC releases the 2023 KCSE timetable, guidelines, and instructions
World Bank set to approve another Sh136bn loan to Kenya
Follow us
