Kenyans Have Borrowed Ksh.408M Hustlers Fund, Less Than 24HRS After The Launch.

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Kenyans had borrowed Ksh. 408 million from the newly launched Hustler Fund by Thursday, 8.45 a.m., hours after

 President Ruto launched the fund, touted to be Kenya’s silver bullet in tackling economic inequality.

 

According to figures released on Thursday by Cooperatives and MSMEs Cabinet Secretary Simon Chelugui,

 

Transactions Per Second (TPS) had also stabilized at 190, down from a high of 500 on Wednesday.

 

The CS also revealed that 1.14 million Kenyans had so far been registered under the scheme.

 

 

The fund, launched on Wednesday, will give Kenyans access to financing at 8 percent pro-rated basis or a daily rate of 0.002 percent.

 

 

 

The loans, to be accessed via USSD code *254#  will start from a minimum of Ksh 500 and a maximum of Ksh.50,000 for individual borrowers.

 

 

 

When the customer borrows,  the approved loan will be disbursed to their mobile money account where out of the

 total approved loan amount, 95% shall be deposited to the mobile money wallet.

 

 

The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund

 

 

The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go

 into long term (Pension) and 30% of the 5% will go into short term.

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