The government has disbursed Ksh9.6 billion through Hustler Fund, Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui confirmed.
Addressing the press this afternoon, CS Chelugui said a total of Ksh2.6 million had been repaid and some Ksh480 million saved, as of 9am today.
In addition, the CS said at least 16.6 million customers have opted in while the fund had witnessed at least 2.7 repeat customers.
Asked how the government establishes loan limits, the CS said the state is able to monitor customers’ credit scores by accessing the financial information on their mobile phones.
“This fund is based on trust…the government has taken a risk to support small businesses through this initiative,” he said.
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The CS expressed his satisfaction with the number of Kenyans who continue to access the fund, saying it is a true indication that a reliable fund for small businesses has been a great hindrance to the growth of the economy.
“These numbers are a testament that many small businesses have been in need of reliable access to sustainable credit opportunity,” he added.
He further reiterated that the repayment period was capped at 14 days with an additional 14 days. So far, the highest amount that has been disbursed is Ksh5,000 while the least is Ksh500.