Hustler Fund Update
Hustler Fund Update: Since its inception, 18 million Kenyans have borrowed KSh 14 billion and repaid KSh 6.3 billion.
As of January 12, 2023, the Hustler Fund loan facility reported an increase in subscribers to over 18 million. During the same period, the fund disbursed over KSh 14 billion, with KSh 8.8 billion coming from the National Treasury Co-operatives and SME Development Cabinet Secretary Simon Chelugui noting that the fund has changed the lives of many Kenyans.
Kenyans have continued to use the Hustler Fund’s loan facility.
According to data from the Ministry of Co-operatives and SME Development, as of January 12, 2023, 18 million Kenyans had subscribed to the fund.
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Borrowed Hustler Fund loan During the same period under review, the facility disbursed over KSh 14 billion, an increase of KSh 4 billion reported in three weeks.
According to the Daily Nation, Hustler Fund has been disbursing a weekly average of Ksh 1 billion since December 20, 2022. According to an official report from the ministry, KSh 8.8 billion of the KSh 14 billion disbursed came from the National Treasury.
Co-operatives CS Simon Chelugui confirmed that the fund has transformed Kenyans’ lives while presiding over the Newfortis Sacco AGM in Nyeri. Chelugui noted that loan repayment has increased to KSh 6.3 billion, accounting for nearly half of the fund’s loan book.
Kenyans had saved over KSh 700 million in the Fund’s retirement kitty, he said. President William Ruto stated during a joint journalist interview that over 17 million Kenyans have borrowed KSh 21 billion from the Fund since November 2022. The United Democratic Alliance (UDA) leader stated that the Hustler Fund savings will be invested in government securities. Borrowers with good credit will have their loan limits increased, according to the president.
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