By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Kenyans borrow Sh30 billion from Hustler Fund in six months
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > News > Kenyans borrow Sh30 billion from Hustler Fund in six months
News

Kenyans borrow Sh30 billion from Hustler Fund in six months

hallanaija
Last updated: June 1, 2023 5:33 pm
hallanaija
2 years ago
Share
ruto
President William Ruto addresses wananchi during the 60th Madaraka Day national celebrations at Moi stadium in Embu on June 1, 2023.
SHARE

Kenyans borrowed an extra Sh11 billion between February and May from the Hustler Fund highlighting the thirst for cheap credit, which prompted the State to launch a third phase of the facility now targeting chamas.

President William Ruto, On Thursday, launched the Hustler Fund for groups, seeking to provide cash mainly to informal traders who must register as a group to qualify for the kitty.

He spoke in Embu County during this year’s Madaraka Day celebrations.

The launch came on the day the Head of State announced that Kenyans have so far borrowed Sh30 billion, up from Sh19.6 billion accessed as of mid-February.

The first phase of the Hustler Fund was launched on November 30 last year as the new administration moved in to ease access to credit by individuals, albeit small amounts from as low as Sh500 to a high of Sh50,000.

Hustler Fund
President William Ruto addresses wananchi during the 60th Madaraka Day national celebrations at Moi stadium in Embu on June 1, 2023.

In March this year, the Head of State launched a remodelled Hustler Fund that has Women Enterprise Fund (WEF) and the microloan product.

“The total number of digital transactions now stands at 42.5 million through which 20.2 million Kenyans have accessed nearly Sh30 billion, and repaid Sh19.7 billion, with seven million being repeat customers,” Dr Ruto said in his Madaraka Day speech.

READ MORE  Ruto demands that multilateral institutions be restructured in order to solve issues facing emerging nations.

The President did not disclose the number of borrowers who have defaulted, months after the State first admitted that some beneficiaries had shown signs of distress.

The interest rate for the Hustler Fund for chamas remains undisclosed. The interest rate for the one targeting women is seven percent while that for individual loans launched last year in November is eight percent.

The rates are calculated on a pro-rata basis. Details on the minimum amount that groups can borrow, however, remain scanty.

Trump was booed and heckled by a raucous crowd at the Libertarian convention
KVA condemns maltreatment of horses and alleged police brutality in anti-Finance Bill demonstrations.
You’re The One To Shut Up, Gachagua Tells Raila Over Whitman’s Remarks
We need to talk, but Ukraine must be on agenda – Russia tells US
Oil Heads For Weekly Gains After Israel Rejects Ceasefire Offer
Share This Article
Facebook Email Print
Previous Article ruto Madaraka Day: Ruto launches Hustler Group Loan
Next Article ruto Ruto: Housing Fund Contribution A Moral Obligation
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • IPOA investigating alleged police abuse after Albert Ojwang’s death in cell
  • Wetangula urges ICT competition winners to utilize technology, create solutions for Kenya
  • At least 15 dead in Malaysia bus accident
  • “I WANT IT IMMEDIATELY!” – Xabi Alonso CALLS for a European champion to replace Modric at the Galactics
  • Pathologists to conduct autopsy on Albert Ojwang’s body today

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?