Hustler Fund: Kenyans Have Borrowed Ksh.49B, Paid Back Ksh.37B
The Hustler Fund is a digital financial inclusion program created to increase personal, micro, small, and medium-sized companies’ (MSMEs) in Kenya’s access to responsible financing.
The Kenya Kwanza Government ran on a platform of bottom-up economics, promising to increase the country’s economy while simultaneously improving the lives of millions of Kenyans. Bottom-up economics aims to stimulate economic growth in our nation by allocating the limited capital available to the areas that will generate the greatest number of jobs at the base of the economic pyramid.
The Hustler Fund payback rate has increased, according to the government, which reports that Kenyans have returned more than Ksh.37 billion of the Ksh. 49 billion disbursed.
Even if the fund hasn’t been fully repaid, Cooperatives, Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui says there’s no reason to worry because the goal was financial inclusion.
The CS spoke on Friday at the Africa Confederation of Cooperative Savings and Credit Association and Visa partnership launch, which aims to increase the number of Kenyans in the formal banking sector.
According to Chelugui, there are over 10 million individuals in the nation who do not have access to formal financial channels. The government plans to gradually lower this number while simultaneously aiming to onboard 10,000 new members annually.
The personal disbursement as of right now was Ksh. 49,646,160,903. According to our terms and conditions, we have already been reimbursed Ksh.37,651,195,451, or around 71% of the total amount due,” he stated.
“22,788,294 are the opt-in customers, or those who have joined the Hustler Fund; that represents nearly 50% of Kenyans.”
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Hustler Fund: Kenyans Have Borrowed Ksh.49B, Paid Back Ksh.37B
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