President William Ruto, on Friday, December 2, announced that over three million Kenyans borrowed money from the Hustler Fund within the first hours after its launch.
Speaking at State House Nairobi during the swearing-in of Permanent Secretaries, Ruto informed the nation that Kenyans accessed the fund in large numbers, borrowing up to Ksh 700 million.
“By 7 am today, we already had 3.5 million people and Ksh 700 million been borrowed from that platform. I want to say that this is a phenomenon and we are starting the journey as a country to a single-digit credit regime,” he declared.
The president was equally proud of how Kenyans had taken up the fund, revealing that repayment was being fast-tracked too.
"I am happy that we are seeing the trend of repayment even as kenyans borrow on that platform, this will ensure that citizens have access to affordable credit that we can use to drive the economy of our country, " he added.
Ruto's announcement came in the backdrop of Ksh408 million having been disbursed 24 hours after the launch of the Hustler Fund.
Hustlers Fund was part of President Ruto’s manifesto of uplifting Small and Medium-Sized Enterprises (SMEs) by facilitating access to affordable credit.
Ruto launched the much-awaited fund on Wednesday, November 29, setting aside Ksh 50 billion for 'hustlers.'
“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," Ruto announced.
During the launch of the Fund, president Ruto informed that it comprises four products; personal, micro business, SME and start-up loans.
The requirement for anybody to apply for the hustler fund includes being 18 years and above and having a registered sim card.
To apply for the hustler fund, one should dial *254#, agree with the terms and conditions and will receive the loan limit you are eligible for.
