A total of 351,272 groups had registered with the hustler fund as of July 18, 2023, of which 28,493 groups had been given limitations or the maximum amount of money they may borrow. The successful loan applicants have received a total of Kshs 112.1 million, of which Kshs 2.9 million have been repaid, representing a 2.6% debt repayment ratio.
Read more: Hustler Fund Receives Ksh. 10 Billion Boost in 2023/24 Budget
The biggest beneficiaries of the hustler funds, however, are individuals, with the total amount of personal loans disbursed from November 30, 2022, when it was launched, up to July 18, 2023, amounting to Kshs 33.2 billion. A total of Kshs 22.6 billion has been repaid, representing a debt repayment ratio of 68.1%, which is significantly higher when compared to group loan debt repayment ratios.
The hustler fund has registered a total of 20.7 million Kenyans out of a population of 50.6 million, according to the Kenya National Bureau of Statistics (KNBS) Economy Survey 2023 report. The uptake is commendable and is mainly attributable to its cheap loans, which attract an annual interest rate of 8.0%, equivalent to a 0.02% daily interest rate.
Read more: President William Ruto Issues New Directives On Hustler Fund
The government is keen on the success of the hustler fund, with the main objective being to provide access to affordable credit to individuals, SMEs, and Change. In the Financial year 2023-2024, the hustler fund was allocated Kshs 10.0 billion, which was significantly higher compared to the government-led credit funds such as the Women Enterprise Fund and the Youth Enterprise Development Fund, which were allocated Kshs 182.8 million and Kshs 175.0 million, respectively.
Email your news TIPS to editor@thesharpdaily.com
