President Ruto’s Latest Endeavor: Unveiling the Second Transformational Project of the Hustler Fund
The culmination of Kenya’s 60th Madaraka Day dubbed a Celebration of Freedom and Enterprise, will be the launch of the second product of the Financial Inclusion Fund, also known as the Hustler Fund.
In his Madaraka Day address to the nation, President William Ruto stated that the fund aims to facilitate people’s access to funding through groups and will introduce the collectively-driven competitive market enterprise to the online sphere.
“To promote inclusion, the Hustler Fund will employ chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance, and other socioeconomic amenities. This is how we will integrate policy and technological innovation into our culture. The President stated that we are committed to leveraging fintech to ensure that no one is left behind in the financial and entrepreneurial inclusivity revolution.
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The Head of State expressed gratitude for the success of the Hustler Fund’s first product, individual loans, which he described as revolutionary and as having “turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one.”
“As a result, Kenya’s digital economy has received a significant boost, as evidenced by reports that Safaricom alone has added at least 2 million new subscribers to its financial ecosystem thanks to the Fund,” he said.
Ruto stated that the total number of digital transactions for individual Hustler Fund loans has reached 42.5 million, through which 20.2 million Kenyans have accessed nearly KSh30 billion and repaid KSh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official, or undergo complicated bureaucratic procedures to gain access to the Hustler Fund. They only need a device, a small amount of airtime, and a few minutes to receive money wherever they are,” he explained.
The President launched the individual Hustler Fund on November 30, 2022, and made it accessible via mobile money service platforms.
President Ruto’s Latest Endeavor: Unveiling the Second Transformational Project of the Hustler Fund
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