Govt processes 22 Hustler Fund loans per second with Ksh 2.9 bn already disbursed
Govt processes 22 Hustler Fund loans per second with Ksh 2.9 bn already disbursed since it launch
Govt processes 22 Hustler Fund loans per second with Ksh 2.9 bn already disbursed since it launch.
Since the Hustler Fund’s inception on Thursday of last week, the government has disbursed a total of Sh2.9 billion, processing 22 loans every second over the past 24 hours.
When asked about the response yesterday, Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprise Development Simon Chelugui said Kenyans have embraced the fund and that by Saturday, more than Sh129 million had been reimbursed.
“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 further pointed out that as of now, borrowers have saved Sh147 million, or 5% of the entire amount borrowed.
8.4 million Kenyans have already signed up for the fund via digital channels, such as the USSD code *254#.
The President’s program for digital financial inclusion, the Hustler fund, gives MSMEs and people access to finance.
Borrowing limits for individuals range from Sh500 to Sh50,000. Beginning in February of next year, MSMEs seeking finance of between 100,000 and 5 million shillings would benefit from the fund.
Kenyans borrowed an average of Sh17 million each hour on the first day, demonstrating their hunger for low-cost 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.
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