Loan repayment for the recently launched Hustler Fund has hit Sh1.2 billion by Monday morning.
President William Ruto made the announcement during the Jamhuri Day celebration held at the Nyayo Stadium.
He stated that the intake into the fund is a sign of Kenyans’ trust in both the Hustler Fund and the Kenya Kwanza administration.
With only 12 days after its the fund's launch, Ruto noted that approximately 15 million customers who opted in have received loans totaling Sh7.54 billion.
A person must be at least 18 years old, have a valid national identification card, a registered SIM card, and a mobile money account with Safaricom, Airtel, or Telkom in order to qualify as an individual.
The fund is specifically designed to support small-scale traders in the country.
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.
