By Ouma Delmartin
Over Ksh57 billion has been issued to Kenyans in the form of loans since the launch of Hustler Fund about two years ago.
According to a Cabinet Dispatch, 2 million low-income Kenyans borrow from the fund regularly.
Hustler Fund was launched as part of President William Ruto’s initiative to promote financial inclusion amongst Kenyans.
A Kenyan can get between Ksh500 and Ksh50,000 under the first product of the Hustler Fund.
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Currently, 2 million Kenyans can access up to Ksh50,000 after their loan rates were increased due to timely payment.
The funds also allow Kenyans to save. So far, Ksh 3.2 billion has been saved through the Hustler Fund.
Third Hustler Fund product
Meanwhile, the Cabinet approved plans to launch the third product of the Hustler Fund. The second product targeting Savings and Credit Cooperative Organizations (SACCOs) was launched last year.
“Commemorating the fund’s second anniversary, cabinet directed the rollout of a third product offering specifically focused on the Small and Medium Enterprise (SME)sector,” read part of the Cabinet dispatch.
The new product will initially target 2 million beneficiaries who have demonstrated a strong credit history with the fund.
“This groundbreaking initiative aims to create a pathway for banking the targeted beneficiaries, further deepening financial inclusion within the SME sector,” noted the Cabinet dispatch.
