As the Hustler Fund program in Kenya marks its one-year anniversary, it has successfully disbursed loans totaling Sh.39.7 billion to individuals and groups, benefitting 21.8 million people.
President William Ruto shared these achievements during the celebration in Nairobi on November 30.
As of now, Sh.28 billion has been repaid, demonstrating the success and impact of the program.
A notable Sh.1.9 billion has been saved through the fund, reflecting financial responsibility among participants.
The Hustler Fund has become a vital source of support, witnessing 7.7 million repeat customers engaged in 52.5 million transactions over the past year.
This showcases the sustained trust and reliance on the program.
Introducing the group fund as the second product on June 1, 2023, has yielded promising results.
A total of 591,661 groups have been created, with 52,716 groups serving 1,215,072 approved members accessing funding.
Furthermore, 40,543 groups have been assigned limits, and 12,545 groups have been successfully completed, awaiting the assignment of limits.
There is a growing anticipation, with 583,787 members currently awaiting approval for participation in the group fund.
The disbursed amount under this fund’s group package stands at Sh.168,030,863, and 3,766 loan requests are pending approval.
The number of unique borrowing groups has reached 22,225, collectively serving 281,030 members.
The total repayment under this segment amounts to Sh.25,601,820, accompanied by savings of Sh.8,401,543.
These figures illustrate the significant impact of the Hustler Fund, where a total of Sh.39.7 billion has been disbursed for both personal and group loans.
Launched on November 30, 2022, the individual fund, initiated by the government of President Ruto, has effectively empowered Micro and Small Medium Enterprises (MSMEs).
To be eligible for the Hustler Fund, individuals must be Kenyan citizens aged 18 or older, possess a valid identification card, and have a registered mobile number with Safaricom, Airtel, or Telkom.
Additionally, applicants are required to have a mobile money account (Mpesa, Airtel Money, or Tkash) in use for more than 90 days, ensuring a fair and inclusive participation process.
