President Ruto: Hustler Fund Repayment Hit Ksh 1.2 Billion 

President William Ruto announced on Monday that the Hustler Fund loan repayment had reached Ksh 1.2 billion.

According to the President, just 12 days after the credit facility’s launch, approximately 15 million customers who opted in have received loans totaling Ksh 7.54 billion.

The intake into the fund, according to the Head of State, demonstrates Kenyans’ trust in both the Hustler Fund and the Kenya Kwanza administration.

Earlier, CS Chelugui claimed that Kenyans had saved Ksh 377 million from roughly 13 million transactions.

Furthermore, approximately 1.1 million Kenyans have borrowed money more than once.

Borrowers can obtain the loans at an annual percentage rate of 8%, with a repayment period of 14 days.

A borrower who uses a Ksh 500 loan will have to pay back Ksh 501.53 after 14 days, or Ksh 1.53 in interest, at an annual interest rate of 8%.

Personal loans, microloans, small and medium-sized businesses (SMEs), and start-ups are all available through the facility.

To qualify as an individual, 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.