Sh31.5b released for Hustler Fund, Chelugui reveals

By , June 26, 2023

More than Sh31.5 billion has been disbursed under the Hustler Fund programme with the loan repayment standing at Sh21.2 billion.

Cooperatives and Small and mid-size enterprises (SMEs) Cabinet Secretary Simon Chelugui said that the savings account now stands at Sh1.5 billion.

According to the CS, the number of people who have registered with the fund now stands at 20 million while 7.1 million have borrowed from the kitty and repaid more than once. “Millions of Kenyans have benefited from the fund which has enabled them to start small businesses. We are putting in place appropriate policies to ensure more Kenyans have access to the funds to improve their economic livelihoods,” said Chelugui.

Development projects
The CS who accompanied Deputy President Rigathi Gachagua during the launch of various development projects in Elgeyo Marakwet County said Nyeri County is leading with the highest loan repayment.
Nyeri, he said tops with 76.3 per cent followed by Kiambu at 75.3 per cent while Nyandarua takes the third position with 74.5 per cent.
Nairobi County on the other hand boasts of the highest number of subscribers at two million is placed fourth with a repayment rate of 73.8 perbcent.
Chelugui listed other counties in the top ten include: Laikipia (73.6 per cent), Nandi (73.5 per cent), Murang’a (73.3 per cent), Embu (73.1 per cent), Uasin Gishu (73.1 per cent) and Nakuru (72.9 per cent). “The repayment rate nationally stands at 69 per cent. I’m impressed by the positive attitude shown by majority of the beneficiaries and Kenyans in general,” said the CS.
He said the youth form the majority of borrowers with those between the ages of 18-29 years leading the chart with 38.5 per cent followed those between 30-39 who control 28.8 per cent while people aged between 40-49 per cent have so far recorded 17.5 per cent borrowing rate.
In terms of gender, more men borrow from the Hustler Fund compared to women at 66 per cent and 34 per cent respectively.
Chelugui said that while more Kenyans use Mulika Mwizi (55 per cent) than the smart phone (45 per cent) in the personal product, the smart turns the table when it comes to the groups product which was recently launched
According to the CS, 20,490,337 Kenyans have so far opted into the Fund with the savings currently standing at Sh1,579,556,667.
He added that The Fund has a total of 7,137,821 repeat customers with a total transaction of Sh44,301,713.

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