President William Ruto is set to attend the anniversary event of the Hustler Fund today, on Thursday, November 30, 2023, in Nairobi.
Launched on the same date in 2022, the fund aims to empower Micro and Small Medium Enterprises (MSMEs) directly.
Initially designed to offer a second chance to eight million Kenyans to access credit at the lowest interest rates, the fund has provided crucial relief to individuals who were unable to secure credit due to blacklisting by various credit rating agencies.
Loans ranging from Sh.500 to Sh.50,000 are offered at an 8% pro-rated basis or a daily rate of 0.002%.
The management of the fund is entrusted to the Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui and a board comprising various representatives, including those from the National Treasury, Micro, Small, and Medium Enterprises department, Trade department, and the Attorney General.
As of November 28, 2023, the platform boasts an enrollment of 21.5 million Kenyans.
A substantial amount of Sh.39.6 billion has been borrowed, with Sh.29 billion successfully repaid by almost 19 million Kenyan borrowers.
Notably, 8 million Kenyans are repeat customers, with 5 million borrowing more than five times and repaying, while 1,000 individuals have borrowed over 100 times.
Additionally, the fund has accumulated savings amounting to Shs.2 billion.
Hustler Fund’s acting CEO, Elizabeth Nkuku, shared these impressive statistics, highlighting the positive impact the initiative has had on the nation’s economic landscape.
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