Kenya: President Ruto Unveils Hustler Fund for Groups

Nairobi — President William Ruto today rolled out the Hustler Fund for groups, allowing organizations and businesses to borrow money collectively.

While addressing Kenya’s 60 years independence anniversary in Embu, Ruto said the new solution targets chamas and saccos.

These groups, President Ruto said, faces barriers when it comes to access to credit, savings, social security, health insurance and other socioeconomic amenities.

“I am sure that this will be very good news to my good friend Shiko from Ruaka, who, like many informal business entrepreneurs, was ready for this innovation even before we launched the first Hustler Fund product,” the President said.

Hustler Fund was launched last year by the new administration to advance affordable credit to masses that were locked from mainstream financial institutions.

Since it was unveiled, Kenyans have borrowed Sh24 billion from the kitty.

Likewise, it has supported 19 million beneficiaries nationwide.

The Ministry of Cooperatives and Micro, Small, and Medium Enterprises indicates that Sh4.2 billion has been repaid as of today.

Customers who have borrowed more than once in the kitty now stand at 6.6 million.

The total amount saved on the kitty in the last four months is Sh1.2 billion.

“There are about 800,000 Kenyans who have borrowed and have passed the limit of 30 days of paying the debt, however, we are still giving them a chance and we believe through enlightening and informing them to pay what they borrowed will help them respond,” said Simon Chelugui, Cabinet Secretary for Cooperatives and MSMEs.

“Out of the 19 million Kenyans enrolled only 16 million have borrowed from the fund, the 3 million are enrolled but did not borrow anything either because they are waiting for the large amount or they have not made their choice yet, however, we still welcome them when they decide.”

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