President William Ruto is today, Thursday 30, 2023, expected to grace the Hustler Fund anniversary event in Nairobi.
The fund was launched on November 30, 2022, by Ruto’s government with the aim to directly empower the Micro and Small Medium Enterprises (MSMEs).
The fund was initially set to give eight million Kenyans a second chance to access credit at the lowest interest rate.
It offered much-needed relief and a new lease of life to millions of Kenyans who could not access credit after having been blacklisted by various credit rating agencies, by offering them loans from as minimum as Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
Hustler Fund’s acting CEO Elizabeth Nkuku says that as of November 28, 2023, a total of 21.5 million Kenyans have enrolled on the platform.
About Ksh.39.6 billion has been borrowed and Ksh.29 billion has been repaid by close to 19 million Kenyans.
8 million Kenyans are repeat customers and among them, 5 million have borrowed more than five times and repaid and 1,000 people have borrowed more than 100 times