President William Ruto has launched the second product of the Financial Inclusion Fund, famously known as ‘Hustler Fund’
In his speech during Kenya’s 60th Madaraka Day Celebrations at Moi Stadium in Embu the head of state noted that the fund is meant to allow people to access funding through groups.
He also stated that this will usher the collective-driven competitive market enterprise to the online domain.
“To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socio-economic amenities. This is how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution,” President Ruto stated.
Moreover, President Ruto expressed his appreciation in the success of the first product of the Hustler Fund which offers loans to individuals.
He said hustler fund is revolutionary and has turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one.
“As a result, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund,” he added.
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In addition, the President said the total number of digital transactions under the individual Hustler Fund loans now stands at 42.5 million through which 20.2 million Kenyans have accessed KSh.30 billion, and repaid KSh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes, and they can get money wherever they are,” he said.