Hustler Fund: Govt Reveals Amount Kenyans Borrowed in 24 Hrs

Kenyans borrowed Ksh408 million from the Hustler Fund within 24 hours of its launch by President William Ruto.

Cooperative Cabinet Secretary, Simon Chelugui, on Thursday, December 1, announced that the government had already disbursed the funds to the applicants.

Further, Chelugui revealed that over 1.1 million Kenyans had registered for the funds.

The CS expressed the uptake was encouraging, noting the milestones that could be achieved through the funds.

Cooperatives and Micro, Small, and Medium Enterprise Development CS Simon Chelugui appearing before the National Assembly Committee on October 22, 2022.

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"For the first time in the history of our country, we have a Ministry dedicated to two sectors which have over the years enjoyed a symbiotic relationship in that not only have co-operatives supported SMEs through financing & capacity building, but they are in themselves small businesses.

"The Hustler Fund can help empower those at the bottom of the pyramid in many ways. For example, we can aggregate tomato farmers along Molo River into Co-operatives, enable them to access funding and connect them to Twiga Food to sell their produce," read the statement in part.

Through the funds, Kenyans can access minimum credit of Ksh500.

The maximum amount an individual can borrow is Ksh50,0000, with a repayment period of 14 days. Groups and start-ups can access up to Ksh250,000. 

While addressing the nation on Wednesday, November 30, Ruto stated that he hatched the funds to rescue Kenyans facing financial constraints. 

President William Ruto, DP Rigathi Gachagua and Governor Johnson Sakaja interact with traders during the launch of the Hustler Fund at the Green Park terminus on Wednesday, November 30, 2022.

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"The origins of this fund go back to our numerous trips across the country, and Kenyans complained of loans and a lack of money to grow their businesses everywhere we went. 

"I am happy that we shall all be equal as Kenyans from today. This fund will equalise all the people of Kenya so that every citizen can know that they matter and they count," he underlined.

Hustler Fund - one of the main promises of Ruto during the campaigns in the run to the August 9 polls was launched on November 30.

Through the funds, Kenyans can access personal finance, microloans, loans for Small and Medium Enterprises (SMEs) and credit for Startups.

Beneficiaries register for the loans by dialling *254#.