In Less than 24 hours, Kenyans Borrowed Sh408 Million From Hustler Fund

Ruto Invites Executives from Google and Facebook to Jamhuri Day Celebrations

Just one day after the Hustler fund was established, a total of kSh 408 million has been distributed.

According to a statement from Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui, 1.14 million Kenyans have registered in the fund so far. The fund is primarily intended to support the nation’s small-scale traders. President William Ruto fulfilled his pre-election promise to set aside Sh50 billion for the “hustlers” by launching the eagerly expected fund on Wednesday.

“Through the launching this fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises as well as liberating them from shylocks and establishing a culture of saving, investment, and social security,” said Ruto.

President William Ruto unveiled the Hustlers Fund on November 30 at Nairobi’s green Park Bus terminal, fulfilling a campaign pledge for the 2022 elections.

The repayment window for borrowers is limited to 14 days, and interest rates of 8% are charged annually. The interest rate will escalate to 9.5 percent per year if the loan is not repaid within 14 days. The loan programme would exclude people with a history of serious defaults. President Ruto stated on Wednesday that Kenyans who borrow between Sh500 and Sh50,000 are the primary target of the fund’s initial phase.

According to Dr Ruto, the fund will start to provide assistance to SMEs needing capital in the range of Sh100,000 and Sh5 million in February 2023.