Hustlers Funds was launched yesterday by President William Ruto and his Deputy Rigathi Gachagua. In a report released by Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, Kenyans as at 24 hours after the launch had borrowed Ksh. 408 million.
In another report released by Blogger Dennis Itumbi, as at 1600hrs, Friday, December 1st, Hustler Fund disbursed amounted at Shs. 413m.
He further revealed that Kenyans who had already borrowed the funds had made repayments of Shs. 7.7m.
On number of persons who have already registered under the scheme, Itumbi said that a total of 1.6 million Kenyans have. The fund, launched on Wednesday, will give Kenyans access to financing at 8 percent pro-rated basis or a daily rate of 0.002 percent.
The loans, to be accessed via USSD code *254# will start from a minimum of Ksh 500 and a maximum of Ksh.50,000 for individual borrowers.
The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.