Kenyans will now enjoy different categories of Hustler funds as President Willaim Ruto on Thursday launched a third product.
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 access 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 overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socioeconomic amenities.
This, according to the President is how Kenye will use policy and technological innovation to mainstream our way of life.
Ruto stated that his administration sis committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution.
The individual Hustler Fund was launched by the President on November 30, 2022, and made available through mobile money service platforms.
Ruto said the total number of digital transactions now stands at 42.5 million through which 20.2 million Kenyans have accessed nearly KSh.30 billion, and repaid KSh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes, and they are able to get money wherever they are,” he said.
