The government has so far disbursed Ksh 9.58 billion under the Hustler Fund, Cooperatives and Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui has revealed.
Out of the aforementioned amount, only Ksh 2.64 billion has been repaid as the fund marks 19 days after its official launch by President William Ruto.
The CS noted that 59.3 percent of the loans, most of which was taken on the first day of the launch, had been repaid by December 14.
While 16.59 million Kenyans have since opted into the Hustler Fund, some 2.69 million people have already borrowed more than once.
According to the CS, 33 percent of the borrowers are aged between 18 to 29 years, 30 percent (30-39 years), 19 percent (40-49 years), 10 percent (50-59 years), 5 percent (60-69 years) and 2 percent are above 69 years.
Nairobi tops the borrowing list with Ksh 1.14 billion ahead of Kiambu County with Ksh 651 million followed by Nakuru and Machakos with Ksh 454 million and Ksh 354 million respectively.
Launched on November 30, 2022, the Hustler Fund emerged as the most popular affirmative action fund under President William Ruto’s administration.
The range for the personal loan category will be between Ksh 500 and Ksh 50,000 while SMEs and start-ups can access loans of up to KSh 250,000.
Loan limits will be based on credit scores, which implies that the time taken to service a loan will play a major factor in processing future loans.
How to register for the Hustler Fund
- Dial USSD code *254# which will lead you to a menu or use the mobile application.
- Accept the Terms and Conditions.
- Enter M-PESA, Airtel Money of T-Kash pin.
- Receive an SMS notification of a successful registration and the limit assignment.
How to apply for a Hustler Fund loan
- Dial USSD code *USSD code# or open the mobile application.
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount.
- Confirm loan details as displayed.
- Enter M-PESA, Airtel Money of T-Kash pin.
- Receive an SMS notification on loan allocation with relevant loan information.
After a successful loan application, the money will be disbursed to the mobile money account with 95% of the money deposited to the mobile money wallet and the remaining 5% deposited to the savings account scheme of the Hustler Fund.
