The uptake of the Hustler Fund thus far has been praised by Cabinet Secretary for Cooperatives, Micro, Small and Medium Enterprises (MSMEs), Simon Chelugui.
In particular, CS Chelugui said that he was impressed with the uptake, noting that a total of Sh3.69 billion had been disbursed by 7 am today.
10.6 million Kenyans registered themselves through the fund’s digital platform, according to the data made public by the CS.
Chelugui said borrowers have so far repaid slightly over Sh190.6 million indicating the disbursement of the fund was progressing well as per the plan.
“We have registered good progress so far, we are recording 1,333 transactions per minute, 22 loans per second and this basically implies that we have 102,000 Kenyans per hour,” CS Chelugui said in his latest update.
At the same time, CS Chelugui said borrowers have so far saved 184 million adding that total transactions stands at 6.4 million.
Borrowers can access the loans at an annual percentage rate of 8%, and the repayment period has been capped at 14 days.
At an annual interest rate of 8%, a borrower who uses a KES 500 loan will have to pay back KES 501.53 after 14 days, or KES 1.53 in interest.
The facility offers loans in the following four categories: personal loans, microloans, small and medium-sized businesses (SMEs), and start-ups.
A person must be at least 18 years old, have a valid national identification card, a registered SIM card, and a mobile money account with Safaricom, Airtel, or Telkom in order to qualify as an individual.
