A total of Sh1,381,747,777 of the Hustler Fund has been disbursed to Kenyans as of Friday midnight.
In a statement on Saturday, Cooperatives and MSMEs Cabinet Secretary Simon Chelugui said that 5,191,542 customers have opted in for the Hustler Fund.
The total transactions so far stand at Sh2,346,675 and total repayment of Sh48,526,204.
The fund is specifically designed to support small-scale traders in the country.
President William Ruto launched the fund on Wednesday.
“Through the launching this fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises as well as liberating them from shylocks and establishing a culture of saving, investment, and social security," said Ruto.
The Hustler Fund comprises four products: personal, micro business, SME and start-up loans.
To access the fund, Kenyans can dial *254# on their mobile phones.
During the launch, borrowers were warned against defaulting with the State issuing strict measures to curb the same.
Those who default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
The borrowers who default will also have their Hustler Fund account frozen.
"After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen," he said.
President William Ruto during the launch said loan defaulters will not be listed on CRBs, as they will have another chance of reborrowing.
"The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment," he said.
However, Ruto said borrowers stand a chance of increasing their loan limits if they repay their loans before the stipulated repayment day elapses.
