President William Ruto’s Hustler Fund has gained traction among Kenyans as it approaches two months since its launch, with the latest figures showing borrowing has reached KES 14 billion.
According to the most recent report on disbursements through the Financial Inclusion Fund, popularly known as the Hustler Fund, Kenyans borrowed KES 4 billion in the 22 days since December 20, representing more than KES 1 billion in average weekly disbursements.
During the public hearings on the 2023/24 and Medium Term Budgets, a fund official revealed that the amount disbursed by January 12 had reached the new figure, up from the KES 10 billion reported on December 20.
According to the official, 18 million Kenyans had opted into the fund by Thursday, exceeding the fund’s initial target of 17.6 million Kenyans.
“Of the KES 14 billion disbursed so far, KES 8.8 billion has come from the Exchequer,” the official said during an update on programmes different government agencies under the General Economic and Commercial Affairs (Geca) Sector are undertaking.
She stated that as Kenyans borrow more, so does their repayment, which currently stands at Sh6.3 billion, or about 45 per cent of the fund’s loan book.
“The figures we have show there was need for the small loans that we have been disbursing, between KES 500 and KES 1,000, due to the interest they have generated. Equally, repayment records are positive, showing Kenyans want to grow themselves,” the official said.
By Thursday, a total of KES 711 million had been saved through the fund, which includes the 5% borrowers deduct from the amount they borrow.
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