Nyeri leads in Hustler Fund loan repayments - CS Chelugui

Nyeri tops the list of counties with the highest loan repayment, five months after the Hustler Fund was launched.

According to the latest data released by Co-operatives and MSME Development Cabinet Secretary Simon Chelugui, Nyeri leads 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, which boasts of the highest number of subscribers at 2 million, is placed fourth with a repayment rate of 73.8 per cent.

Other counties in the top ten include Laikipia (73.6%), Nandi (73.5%), Murang’a (73.3%), Embu (73.1%), Uasin Gishu (73.1%) and Nakuru (72.9%).

Nationally, the repayment rate stands at 69 per cent, with CS Chelugui saying: “We're building a very good story backed by data. I am particularly impressed by the positive attitude shown by majority of the beneficiaries and Kenyans in general.”

In terms of age, the youth who fall between 18-29 years leads the chart of borrowers with 38.5 per cent followed those between 30-39 who control 28.8 per cent. People aged between 40-49 per cent have so far recorded 17.5 per cent borrowing rate.

In terms of gender, more men borrow Hustler Fund compared to women at 66 per cent and 34 per cent respectively.

CS Chelugui added that, so far, Ksh.31.5 billion has been disbursed while loan repayment stands at Ksh.21.2 billion. The savings account now stands at Ksh.1.5 billion.

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.

The CS further stated that while more Kenyans use mulika mwizi (55 per cent) than the smart phone (45 per cent) in the personal product, the smart phone turns the table when it comes to the groups product which was recently launched.

In the group product, 56 per cent of subscribers use the smart phone to access the facility while 44 per cent used mulika mwizi.

CS Chelugui added that, so far, a total 170, 376 groups have been launched and about Ksh.20 million disbursed.

Nairobi leads the list of counties with the highest registered groups, 10, 957 followed by Trans Nzoia which boasts of 9,792 groups. Meru stands at number three with 9, 647 groups.

Other counties in the top ten include: Nakuru, Kiambu, Bomet, Nandi, Uasin Gishu, Narok and Kisii.