Kenyans have so far borrowed Sh2.9 billion from the Hustler Fund with the number of loans issued currently standing at 5 million.
The government said Sunday that 8.4 million people have since registered for the fund commissioned by President William Ruto on November 30, 2022.
According to data, Kenyans are making approximately 223 loan transactions per second on the digital lending system while Sh129 million has since been paid back by loan applicants.
Some Sh147 million has been saved.
The Hustler Fund is a digital lending system that gives Kenyans access to financing at an eight per cent pro-rated basis or a daily rate of 0.002 per cent.
Those interested are able to access loans of between Sh500 and a maximum of Sh50,000 individually by dialling a USSD code *254# on their mobile devices from any of the telcos Safaricom, Airtel and Telcom.
When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
The remaining five per cent shall be deposited to the savings account scheme of the Hustler Fund.
The savings scheme will split savings into 70 per cent long-term and 30 per cent short-term savings, such that 70 per cent of the five per cent will go into long-term (Pension) and 30 per cent of the five per cent will go into short-term.
