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Revealed Amount Of Hustler Funds Kenyans Have Repaid So Far As Amount Borrowed Rises To Ksh.413M

Within the first 24 hours of the Hustler Fund's launch, Kenyans who had borrowed a variety of amounts have already repaid about Ksh. 7.7 million.

According to information provided by the government, the total amount borrowed as of Thursday at 8:30 p.m. was Ksh. 413 million.

The government further said that registered members, as at the same time, had reached 1.6 million, with loans at 683,000.

Cooperatives and MSMEs Cabinet Secretary Simon Chelugui had early Thursday morning revealed that Kenyans had borrowed Ksh.408 million from the Hustler Fund, mere hours after its introduction by President William Ruto.

The CS later said that 1.14 million Kenyans had enrolled under the program and that Transactions Per Second (TPS) were now at 190, down from a high of 500 on Wednesday.

Kenyans will have access to finance through The Hustler Fund, which was established on Wednesday, at a prorated rate of 8% or a daily rate of 0.002 percent.

Individual borrowers can access loans starting at Ksh. 500 and up to Ksh. 50,000 by using the USSD code *254#.

The customer's mobile money account will receive the approved loan when they request a loan, with 95% of the total approved loan amount being deposited into the mobile money wallet.

The remaining 5% must be deposited into the Hustler Fund's savings account program.

The savings plan will divide funds into long-term savings of 70% and short-term savings of 30%, meaning that 70% of the 5% will go to long-term (pension) savings and 30% to short-term savings.

Content created and supplied by: Allutah (via Opera News )

CS Kenyans Ksh Simon Chelugui William Ruto

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