Barely 24 hours after the Hustlers Fund platform was launched by President William Ruto on Wednesday, Kenyans have received millions of shillings as loans from it.
According to information accessed by the Nairobi Leo, a total of Sh408 million had been disbursed.
It has also been established that some 1.14 million Kenyans have fully registered themselves in the kitty.
Cabinet Secretary for MSMEs Simon Chelugui said the platform is designed to boost small-scale traders.
The platform enables Kenyans to borrow at least Sh500 and a maximum of Sh50,000.
Hustler Fund borrowers use the *254# code to access the Hustler fund across all platforms.
Kenyans who have subscribed to Safaricom, Airtel, and Telekom will be required to dial the short code to access the loans after its launch by President William Ruto.
The loan interest will be capped at 8 percent per year and computed on a pro-rated basis.
Hustler Funds is the first single credit product in the country.
Ruto said the Sh50 billion annual kitty will be channelled towards supporting micro, small and medium, enterprises (MSMEs).