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 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.