Hustler Fund: Kenyans have borrowed Ksh.49B, paid back Ksh.37B

The government has recorded an increase in repayment of the Hustler Fund, noting that out of a disbursement of Ksh.49 billion, Kenyans have repaid more than Ksh.37 billion.

According to Cooperatives, Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui, although the fund has not received 100 percent repayment, there is no need to be concerned as the aim was financial inclusion.

The CS spoke on Friday during the partnership launch of Visa and the Africa Confederation of Cooperative Savings and Credit Association, which aims to bring more Kenyans to the formal financial sector

Chelugui stated that the country has more than 10 million people outside formal financial channels, a number that the government will be seeking to reduce over time even as it targets to onboard 10,000 people every year.

“As at today, the personal disbursement was at Ksh.49,646,160,903. On the repayment so far, based on our terms and conditions, we have received back Ksh.37,651,195,451 – that is about 71 per cent repayment rate,” he said.

“The opt-in customers, people who have joined the Hustler Fund, are 22,788,294; that is almost 50 per cent of Kenyans.”