Businessmen Rush to Secure Ksh1 Million Hustler Fund Hours After Launch

President William Ruto delivering his speech at the Madaraka Day Celebrations in Embu County on June 1, 2023.
President William Ruto delivering his speech at the Madaraka Day Celebrations in Embu County on June 1, 2023.
PCS

Hours after President William Ruto launched the second phase of Hustler Fund targeting groups such as chamas and Saccos on Thursday, June 1, a record of 20,000 groups signed up for the initiative.

According to Simon Chelugui, Cabinet Secretary, Ministry of Co-operatives and Micro, Small and Medium Enterprises( MSMEs), over 4,504 groups were approved for credit. 

Chelugui indicated that the groups secured their funds immediately after registering for the credit programme.

"Just a few hours after  President William Ruto launched the second product of the Hustler Fund — for groups, a record 20, 000 groups joined the initiative," Chelugui stated on Friday, June 2. 

Kirinyaga Governor Anne Waiguru (left) and SME CS Simon Chelugui (right) in Kirinyaga County on Wednesday April 19, 2023
Kirinyaga Governor Anne Waiguru (left) and SME CS Simon Chelugui (right) in Kirinyaga County on Wednesday April 19, 2023
Photo/Ministry of MSMEs

"Out of these, 4,504 groups have been processed successfully. They will then get their limits and this will enable them to borrow the money immediately," he added.

Groups who applied for the funds would get between Ksh20,000 and Ksh1 million. Chelugui stated the financial inclusion programme was launched to empower groups to navigate various financial challenges.

He expressed optimism that more Kenyans would embrace the product, promoting entrepreneurship and saving culture in the country.

President William Ruto launched the second phase of the new product during the Madaraka Day Celebrations at Moi Stadium Embu on Thursday, June 1.

Ruto advised Kenyans to apply for the credit facility noting that it was key to helping them overcome various barriers to participate in savings and gain social security.

"It is now my honour and pleasure to introduce and officially launch the second product of Hustler Fund, the Hustler Group Loan," Ruto stated.

"I am glad that this launch of the group loan product is taking place against the backdrop of the phenomenal success of the Hustler Fund Personal Loan product. I expect this product will encounter even greater appetite from the market," he added.

The Ministry advised Kenyans to apply for the credit facility through a USSD code *254# that will lead the user to a menu.  A mobile application was also introduced to help Kenyans access the group Hustler Fund.

President William Ruto Guard of Honour
President William Ruto inspects the Guard of Honour during Madaraka Day Celebrations on Thursday, June 1, 2023.
PCS