Kenyans save Ksh.147M under Hustler Fund scheme

Kenyans save Ksh.147M under Hustler Fund scheme

  • This is according to figures provided by Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui on Sunday, who also stated that the savings were obtained through a Ksh.2.9 billion in loans

Kenyans who have taken out loans since the Hustler Fund scheme's inception had saved Ksh.147.21 million as of Sunday noon.

This is according to figures provided by Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui on Sunday, who also stated that the savings were obtained through a Ksh.2.9 billion in loans

Kenyans have so far repaid a total of Ksh.129.1 million, according to CS Chelugui.

He said that a total of 8.4 million Kenyans have registered, with a total of 5 million transactions already made.

Savings from the Hustler Fund scheme are deposited into a savings account after 5% of the borrowed money is deducted.

When a customer borrows, the approved loan is disbursed to their mobile money account, with 95% deposited to the mobile money wallet and the remainder deposited to the savings account.

The savings scheme will divide savings into 70% long-term and 30% short-term, resulting in 70% of the 5% going into long-term (pension) and 30% going into short-term.

The Hustler Fund, which was launched on Wednesday, will provide Kenyans with financing at a pro-rated rate of 8%, or a daily rate of 0.002 percent.

Individual borrowers can access the loans via the USSD code *254# for a minimum of Ksh.500 and a maximum of Ksh.50,000.

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