President William Ruto has stated that Sh1.2 billion has already been repaid by Kenyans who took loans from the Hustler Fund since it was launched on November 30.
Speaking on Monday, December 12, during Jamhuri Day celebrations at Nyayo Stadium Nairobi, the Head of State said that Sh7.54 billion have been borrowed from the fund so far.
The president further intimated that 15.4 millions Kenyans have already registered with the fund and Sh400 has been deposited in savings.
“In a record 12 days, today the Hustler Fund has 15.4 million subscribers. In just 12 days, the Hustler Fund has lend Sh7.54 billion. The hustler Fund has accumulated savings of close to Sh400 million in just 12 days. And the good news, today Sh1.2 billion has been repaid by Kenyans who borrowed on this platform,” President Ruto said.
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The Head of State said that the Hustler Fund provided a platform for millions of Kenyans who were looking for an opportunity to save.
He further said that Kenyans borrowing from the fund have not been derailed by critics, even as he called out the political class for criticizing the fund.
"My friends, you're borrowing your mortgage at 3 percent. Why do you want to derail the hustlers who today are suffering from shylocks and from predatory lenders who charge them 360 percent?" President Ruto posed.
He, however, said that the government had secured an agreement with lenders to shift to a credit scoring system that incorporates incentives for both lenders and borrowers.
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