Cooperatives and MSMEs Cabinet Secretary Simon Chelugui has described the uptake of the Hustler Fund, so far, as impressive.
In particular, CS Chelugui said that he was impressed with the uptake, noting that a total of Sh3.69 billion had been disbursed by 7 am today.
According to the data released by the CS, 10.6 million Kenyans had registered themselves through the fund's digital platform.
Chelugui said borrowers have so far repaid slightly over Sh190.6 million indicating the disbursement of the fund was progressing well as per the plan.
"We have registered good progress so far, we are recording 1,333 transactions per minute, 22 loans per second and this basically implies that we have 102,000 Kenyans per hour," CS Chelugui said in his latest update.
At the same time, CS Chelugui said borrowers have so far saved 184 million adding that total transactions stands at 6.4 million.
Within 24 hours of the Hustler fund's launch, a total of Sh408 million had been disbursed.
In a statement, Cooperatives and MSMEs Cabinet Secretary Simon Chelugui further disclosed that 1.14 million Kenyans have so far been registered in the kitty.
The fund is specifically designed to support small-scale traders in the country.
President William Ruto launched the much-awaited fund fulfilling his pre-election pledge to set aside Sh50 billion for the 'hustlers.'
“Through the launching this fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises as well as liberating them from shylocks and establishing a culture of saving, investment, and social security," said Ruto.
The Hustler Fund is made up of four products-personal, micro business, SME and start-up loans.
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