Hustler Fund savings hit Sh677 million mark

Money deducted from the Hustler Fund for savings has hit the Sh677 million mark. 

In the latest update by State House Spokesperson Hussein Mohamed, the savings account has Sh677,557,694. 

So far, Sh13,551,532,174 have been disbursed to the fund users, with Sh5,877,097,463  being repaid. 

Over 17 million customers have so far opted into the Hustler fund, transacting Sh23,090,600. 

The number of repeat customers now stands at 4,971,502. 

On January 4, during an interview with journalists, President William Ruto said the money deducted from the Hustler fund will be used to invest in government securities. 

"Government securities are the surest. There are no default or other problems," he said. 

Ruto said the government has come up with an organization which has been licensed by the RBA to manage the savings.

"The amount is approximately Sh700 million as of today, and will be managed by the organisation," he added. 

The President said that once the investments begin, everyone who has to save through the Hustler Fund will be able to view the amount saved through an application. 

"Once we start the investment, the available application will show how much a borrower has saved, and profit gained," he explained. 

"Everybody will be able to follow online."