Cooperatives and MSMEs Cabinet Secretary Simon Chelugui on Wednesday lauded Kenyans who have taken full advantage of the Hustler Fund since its launch in November 2022.
Speaking while launching the National Organising Committee for the 23rd EAC MSMEs Trade Fair, Chelugui gave the example of a Kenyan who had borrowed at least 1,039 times and received Ksh4.5 million over the said period.
The CS also shared the testimony of another Kenyan who had saved up to Ksh600,000 through the fund.
Chelugui remarked that Kenyans had embraced the saving culture due to the affordable financial services offered by the Hustler Fund.
SME CS Simon Chelugui (centre) speaking during the launch of the National Organizing Committee for the 23rd EAC MSMEs Trade Fair on Wednesday, November 1, 2023
“We have more than 3.8 million Kenyans who have borrowed more than seven times. It means therefore that the Hustler Fund is addressing the daily needs of Kenyans,” the CS stated.
Meanwhile, Chelugui noted that the forthcoming trade fair to be held in Burundi between December 5 and December 17 will provide opportunities to over 300 Kenyan enterprises.
He urged participating Kenyans to take advantage of the opportunity to launch new products and grow their businesses.
President William Ruto launched the fund on November 30 2022 with the aim of helping Kenyans who he claimed were being extorted by loan sharks and shylocks.
The fund provides borrowers with cheap loans with a daily interest rate of 0.002 per cent. It offers four categories of loans, personal finance, microloan, SMEs, and startups.
Ruto explained that the limit of the individuals grows the more they take up more loans.
In June, Ruto launched the second phase of the fund that would cater to chamas and Saccos.
“The Hustler Fund is on its way to becoming the biggest financial institution by the number of borrowers and active loans effectively,” Ruto remarked.
President William Ruto, DP Rigathi Gachagua, Prime CS Musalia Mudavadi the launch of the Hustler Fund at the Green Park terminus on Wednesday, November 30, 2022.