Gov't now says Kenyans have taken Ksh.1.4 billion in Hustler Fund loans
Kenyans have so far borrowed Ksh.1.381 billion from the Hustler Fund with the number of loans issued currently standing at 2,346,675.
The government on Saturday said 5,191,542 people have since registered for the fund commissioned by President William Ruto on November 30, 2022.
According to government data, Kenyans are making approximately 223 loan transactions per second on the digital lending system while Ksh.48.5 million has since been paid back by loan applicants.
The Hustler Fund is a digital lending system that gives Kenyans access to financing at an 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
Those interested are able to access loans of between Ksh.500 and a maximum of Ksh.50,000 individually by dialling a USSD code *254# on their mobile devices from any of the telcos; Safaricom, Airtel and Telcom.
When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
The remaining 5% shall be deposited to the savings account scheme of the Hustler Fund.
The savings scheme will split savings into 70% long-term and 30% short-term savings, such that 70% of the 5% will go into long-term (Pension) and 30% of the 5% will go into short-term.
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