The Kenyan Government has launched the Hustler Group Loan, a financing scheme for groups.
Groups that successfully apply for a loan through the scheme will get up to Ksh 1,000,000 President William Ruto said on Thursday during the 60th Madaraka Day celebrations.
“The second product of the Hustler Fund will usher our unique collective-driven competitive market enterprise to the online domain,” he said.
“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 social economic amenities,” the President added.
The Hustler Fund is a digital financial inclusion initiative designed to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs) in Kenya.
According to the Head of State, nearly KSh30 billion has been accessed by borrowers with the cumulative number of digital transactions now at ksh42.5 million.
In addition, 20.2 million Kenyans have accessed the fund 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,” he said.