Co-operatives and Micro, Small and Medium Enterprises CS Simon Chelugui now says that the Hustler Fund has disbursed Sh33,067,395,968 in personal loans, as of July 16.
According to the CS, Sh22,514,523,325 has so far been repaid and Sh1,654,102,355 accounts for the savings already made.
Chelugui in his update 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.
The CS said total groups created are 344,978 with at least 408,371 members pending approval. There are also 817,884 approved members.
Chelugui said the complete groups in the fund are 33,919 but only 28,144 can borrow from the fund.
Some 12,086 complete groups are yet to be assigned borrowing limits.
Loan requests pending member approval are 2,269. There are at least 16,352 Unique borrowing groups
As of June 1, a record 20,000 groups had been enrolled for the Hustler Group loans.
The money is offered at an interest rate of seven per cent per annum on a reducing balance of 1.5 per cent default rate.
The repayment period is six months from the disbursement date with borrowers having an option of repaying in instalments or lump sum.
It will also be available to individuals seeking to upscale their businesses where Sh10,000 to Sh200,000 is given under the same terms.
