Dubbed a Celebration of Freedom and Enterprise, Kenya’s 6oth Madaraka Day will culminate in the launch of the second product of the Financial Inclusion Fund, also known as the Hustler Fund.
In his Madaraka Day address to the nation, President William Ruto said the fund is aimed at facilitating people access funding through groups and will usher the collective-driven competitive market enterprise to the online domain.
“To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socio-economic amenities. This is how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution,” the President said.
The Head of State expressed gratitude in the success of the first product of the Hustler Fund – the individual loans – which he said has been revolutionary and has “turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one.”
“As a result, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund,” he said.
Under the individual Hustler Fund loans, Ruto said the total number of digital transactions now stands at 42.5 million through which 20.2 million Kenyans have accessed nearly KSh.30 billion, and repaid KSh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes, and they are able to get money wherever they are,” he said.
The individual Hustler Fund was launched by the President on November 30, 2022, and made available through mobile money service platforms.
