The government has allocated Sh10 billion for the Hustler Fund in the 2023/2024 budget.
Treasury CS Njuguna Ndung'u said additional funds will support entrepreneurial efforts.
He said that since the launch of the first product, the government has invested Sh11 billion to provide low interest at eight per cent per annum.
Ndung'u said so far 16 million Kenyans, of which 7.1 million are repeat customers, have accessed the fund.
"So far, Sh30.8 billion has been borrowed from the fund. In addition to borrowing, the fund is designed to encourage savings. Today Sh1.5 billion has been saved as mandatory savings while Sh17 million has been saved on a voluntary basis," he said.
He said the government has witnessed phenomenal growth in transactions which stands at 43.5 million transactions.
President William Ruto launched the third product of the Hustler Fund June 1.
The Hustler group loan was launched during the 60th Madaraka Day celebrations.
"I am delighted to announce that during today’s celebrations, I shall be launching the second product of the Financial Inclusion Fund, which is aimed at facilitating people's access to funding through groups," Ruto said.
"It is now my honor and pleasure to introduce and officially launch the product of Hustler Fund, the Hustler Group Loan. I am sure that this will be very good news to my good friend Shiko from Ruaka," he added.
Ruto explained that to promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socioeconomic amenities.
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.
