[PHOTOS] Ruto issues development cheques to schools, women in Kisii

President William Ruto on Saturday issued development cheques to schools and women groups in South Mugirango, Kisii County.

Ruto said the government has a solid plan to make small and medium-sized enterprises grow and create more wealth for ordinary people.

"Through the innovative and revolutionary Hustler Fund Group loan, chamas, associations and Saccos can access affordable funds without any collateral to support their businesses," Ruto said.

Present were Prime Cabinet Secretary Musalia Mudavadi, Education Cabinet Secretary Ezekiel Machogu, National Assembly Majority Leader Kimani Ichungwah, Chief Whip Sylvanus Osoro and several MPs, MCAs among other leaders.

In the 2023/2024 budget, the government allocated Sh10 billion for the Hustler Fund.

Treasury CS Njuguna Ndung'u said additional funds will support entrepreneurial efforts.

He added that since the launch of the first product, the government has invested Sh11 billion to provide low interest at eight per cent per annum.

Recently, Co-operatives and Micro, Small and Medium Enterprises CS Simon Chelugui said that the Hustler Fund has disbursed Sh33,067,395,968 in personal loans, as of July 16.

The CS added that total groups created are 344,978 with at least 408,371 members pending approval. There are also 817,884 approved members.

He said the complete groups in the fund are 33,919 but only 28,144 can borrow from the fund.

According to the CS, Sh22,514,523,325 has been repaid and Sh1,654,102,355 accounts for the savings already made.

Chelugui  noted that at least 20,699,178 people are signed up with the fund.

He said that since it was launched, 45,822,172 transactions have been completed, with 7,241,481 of those being repeat customers.

On the second Hustler Fund product, Hustler Group Loan, CS Chelugui said Sh110,423,924 has been disbursed to various groups.

"Out of this, Sh2,260,660 has been repaid, while Sh5,521,196 is savings," he said.