President William Ruto says a total of 13 million Kenyans have so far joined the Hustler Fund.
A week after its launch, President Ruto says Ksh. 5B have been issued to applicants of the facility whose second phase will be launched in February next year.
Within the one-week period, Kenyans have saved up to Ksh. 250M in a move that the Head of State says is a clear indication that the fund will fetch in more money than what NHIF is currently collecting.
“The money we are borrowing from China and all over the place is money saved by the people of that country,” President Ruto said as he called on Kenyans to embrace saving culture.
“It is this money that is saved that is critical for helping develop our country,” he remarked during the ground-breaking for the Mavoko Affordable Housing Project in Machakos County.
The government has since indicated that all four product offerings will be delivered electronically and with no requirements to fill any manual forms or to secure any third-party guarantors to eliminate unnecessary bureaucracy.
While launching the Hustler Fund on December 1, 2022, President Ruto said that the loans provided through the fund will extend capital to at least 8 million Kenyans who have been locked out of mainstream borrowing after being negatively listed by Credit Reference Bureaus thus empowering them economically.