Nyeri Leads in Loan Repayment Since Hustler Fund Launch
Five months after the launch of the Hustler Fund, Nyeri tops the list of counties with the highest loan repayment.
The latest data released by Co-operatives and MSME Development Cabinet Secretary Simon Chelugui places Nyeri in first place with 76.3%, followed by Kiambu with 75.3%, and Nyandarua in third place with 74.5 %.
With a repayment rate of 73.8%, Nairobi ranks fourth despite having the highest number of subscribers at 2 million.
Laikipia (73.6%), Nandi (73.5%), Murang’a (73.3%), Embu (73.1%), Uasin Gishu (73.1%), and Nakuru (72.9%) round out the top ten.
Nationally, the repayment rate is 69%, with CS Chelugui stating, “We’re building a very compelling narrative supported by data. I am especially impressed by the majority of beneficiaries and Kenyans in general’s positive attitude.”
Those between the ages of 18 and 29 account for 38.5% of all borrowers, followed by those between the ages of 30 and 39, who hold 28.8% of the market. People between the ages of 40 and 49 have a current borrowing rate of 17.5%.
66% of men and 34% of women borrow from Hustler Fund.
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CS Chelugui added that, to date, Ksh.31.5 billion has been disbursed and Ksh.21.2 billion has been repaid. The current balance of the savings account is Ksh 1.5 billion.
The number of individuals registered with the fund has reached 20 million, while 7.1 million have borrowed and repaid multiple loans.
The CS went on to say that while more Kenyans use mulika mwizi (55%) than the smartphone (45%) for personal use, the smartphone turns the tables when it comes to the recently launched group product.
56 percent of group product subscribers use a smartphone to access the service, while 44 percent use mulika mwizi.
CS Chelugui added that a total of 170,376 groups have been established and approximately Ksh.20 million have been distributed.
The county with the most registered groups, 10,957, is Nairobi, followed by Trans Nzoia, which has 9,792 registered groups. Meru has 9, 647 groupings, placing it at number three.
Included in the top ten are the counties of Nakuru, Kiambu, Bomet, Nandi, Uasin Gishu, Narok, and Kisii.
Nyeri Leads in Loan Repayment Since Hustler Fund Launch
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