Kenyans have so far borrowed Sh3.6 billion from the Hustler Fund with the number of loans issued currently standing at 6.4 million.
The government said Monday, December 5, 2022, 10.6 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 Sh190 million has since been paid back by loan applicants.
Some Sh184 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 percent shall be deposited to the mobile money wallet.
The remaining five percent shall be deposited to the savings account scheme of the Hustler Fund.
The savings scheme will split into 70 percent long-term and 30 percent short-term savings, such that 70 percent of the five percent will go into long-term (Pension) and 30 percent of the five percent will go into short-term.