Kenya’s 60th Madaraka Day, dubbed a Celebration of Freedom and Enterprise, culminated in the launch of the Hustler Fund, the second product of the Financial Inclusion Fund.
President William Ruto stated in his Madaraka Day address to the nation that the fund is aimed at facilitating people’s access to funding through groups and will usher the collective-driven competitive market enterprise to the online domain.
“To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socio-economic amenities. This is how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution,” the President said.
The President expressed gratitude for the success of the Hustler Fund’s first product, individual loans, which he described as revolutionary and having “turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one.”
“As a result, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund,” he said.
According to Ruto, the total number of digital transactions under the individual Hustler Fund loans now stands at 42.5 million, with 20.2 million Kenyans accessing nearly KSh30 billion and repaying KSh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes, and they are able to get money wherever they are,” he said.
The individual Hustler Fund was launched by the President on November 30, 2022, and made available through mobile money service platforms.
