Kenyans who have been making timely payments of the Hustler Fund loan are set to access higher loan limits in the second phase which is set to be rolled out next month.
Speaking during Yetu Sacco’s annual general meeting in Meru, Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui said more Kenyans have continued to access the mobile loan with more than KES 15.9 billion disbursed as of Wednesday.
He added that more than 18.4 million Kenyans have subscribed to the hustler fund and repaid over KES 7.7 billion.
The CS said 5.6 million subscribers had borrowed multiple times, pointing to the growing demand for the credit facility.
“We are finalising development of the second phase of Hustler Fund that will see borrowers access between KES 100,000 and KES 2.5 million. We are encouraging Saccos to apply to disburse the funds in the second phase,” the CS as quoted by Nation.
He further added that the government was keen on expanding the cooperative sector by supporting the establishment of cooperatives to the ward level.
As part of the effort to boost the Saccos, the CS said plans were in the advanced stage to include them in the national payment system as well as establish a central liquidity system.
“So far, about 52 out of the 360 Saccos under SASRA have shown interest in having a central liquidity system. This will enable Saccos clear cheques among themselves without using banks. We are also working on a credit guarantee scheme to protect members from any eventualities,” Mr Chelugui.
