The government has said it has continued to register significant progress on the uptake of the Hustler Fund five months since its launch.
The latest statistics released by Cooperatives and MSMEs Cabinet Secretary Simon Chelugui show that at least 20 million Kenyans had borrowed the money as of 6 pm Wednesday.
The amount disbursed stood at Sh28,445,739,531 from a total of 41,074,603 transactions.
The release of the figures comes in the wake of reports that the fund ended and that Kenyans could no longer access the money.
“The Hustler fund is firmly on track. It is active and the numbers are encouraging. Kenyans should ignore the prophets of doom. We are delivering,” the CS told the Star.
“Kenyans continue to access the funds.”
Total repayment has hit Sh18,448,196,931 with the government having saved Sh1.42 billion.
The number of repeat customers was at 6.9 million.
According to the CS, borrowers can only access their savings after one year but only 30 per cent of the total money saved will be accessible while the remainder which is 70 per cent is saved for the long term.
The fund otherwise known as financial inclusion was launched in November by President Ruto and targeted low-income earners with loans ranging from Sh500-Sh50,000 being offered in the first phase.
It sought to address unemployment and the lack of opportunities for low-income earners through affordable credits.
The second product of the fund which targets Saccos is also currently running with members eligible to borrow an amount ranging from Sh100,000 to Sh2.5 million.
