Hustler Fund borrowing hits Sh7.5 billion with 15 percent repayment rate
Co-operatives and Micro, Small and Medium Enterprises Development CS, Simon Chelegui.
The total amount of Hustler Fund borrowed by Kenyans has hit Sh7.5 billion with Sh1.1 billion already repaid, translating to 15 percent.
According to the Cooperatives and MSME Development Cabinet Secretary Simon Chelugui, slightly over 15 million Kenyans have registered for the programme.
"We're very impressed with the progress so far and the figures are very encouraging... I also remind Kenyans to borrow and pay because that's the only way you can enhance your credit score," said CS Chelugui.
Me Chelugui added that Kenyans have saved Sh377 million from some 13 million transactions.
Also, the number of Kenyans who have borrowed more than once now stands at 1.1 million.
On Friday, the data indicated that more than half of the beneficiaries of the Hustler Fund are the youth.
According to the data, 57 percent of borrowers are aged between 18-35 years, and those aged between 36-55 years are 35 percent while those above 55 years are 9 percent.
Men in the programme make 57 percent of the total number of borrowers, and have borrowed more, compared to women who make 43 percent.
According to the ministry, the majority of borrowers are accessing the fund using phones with no internet access (Mulika Mwizi), at 57 percent, compared to those using Smartphones at 43 percent.
The Hustler Fund was launched on November 30 by President Ruto and reveraled the government was injecting Sh50 billion into the fund to enable small businesses to access easy loans.
The fund has, however, been challenged in court by two civilians who claim that the kitty is illegal and an avenue to loot public coffers.
The petitioners, Mr Bernard Odero Okello and Kevin Ndoho Macharia, want the court to suspend the implementation of the fund and disbursement of loans pending the determination of the lawsuit filed at the High Court in Milimani, Nairobi.
The fund can be accessed through the USSD code *254# or other platforms provided by mobile network providers in the country.
