The Hustler Fund has extended its reach to nearly 28 million Kenyans and disbursed close to KSh94 billion since its launch, according to the government.
Principal Secretary for the State Department for Micro, Small and Medium Enterprises Development Susan Mang’eni said the programme had expanded significantly, enabling millions of Kenyans who previously had limited access to formal credit to obtain financing for their businesses and other economic activities.
Mang’eni said the fund had also mobilised nearly KSh7 billion in mandatory and voluntary savings, with voluntary savings accounting for almost KSh900 million.
She identified the creation of digital credit records for borrowers as one of the programme’s major achievements. The records allow borrowers to build credit histories based on their borrowing and repayment patterns.
According to Mang’eni, the digital profiles could eventually provide an alternative to traditional forms of loan security when Kenyans seek affordable financing from mainstream financial institutions.
Traditionally, many borrowers have been required to provide collateral such as title deeds, other property or payslips when applying for loans. Such requirements can make it difficult for small-scale entrepreneurs without formal assets or employment income to access credit.
Mang’eni said the Hustler Fund was helping such borrowers demonstrate their creditworthiness and establish digital financial profiles that could improve their access to formal lending.
“The platform gives people who previously did not have access to formal credit an opportunity to demonstrate their creditworthiness and build a digital financial profile that can help them secure loans to invest in their businesses,” she said.
The latest figures come months after President William Ruto said the fund was lending about KSh50 million to Kenyans every day.
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Ruto made the remarks after receiving a briefing from Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya.
The President said the loans were being issued through three Hustler Fund products: Personal Loans, Bridge Loans and Hustler Groups.
At the time, Ruto said the fund had disbursed KSh90 billion to 28 million borrowers, while beneficiaries had accumulated KSh7 billion in savings.
He also disclosed that the programme had about 10 million repeat borrowers, with 4.5 million maintaining A and B credit scores due to their borrowing and repayment records.
Ruto praised the progress made by the fund and its digital lending platform, pledging continued government support to expand access to affordable credit.
“ We will continue resourcing the fund so that Kenyans can continue accessing the most affordable credit in the country,” he said.
