In February of 2023, President William Ruto is slated to introduce a new Hustler Fund product.
On Friday, Simon Chelugui, cabinet secretary for Cooperatives and Micro, Small, and Medium Enterprise Development, claimed the final product will be bigger and of greater quality.
Micro, small, and medium enterprise (SME) loans, as well as startup loans, are envisioned by Chelugui to help underserved communities have access to cheap financing.
Further, the CS emphasized that significant progress had been made one month following the introduction of the Hustler Fund.
He said that as of the 30th of December in 2022, Sh12 billion had been distributed.
The most recent numbers show that Kenyans have amassed a little over Sh600 million in savings from 20.65 million transactions over the course of a month. The government sets aside 5% of each loan for the borrower’s savings.
About 17 million Kenyans have signed up so far to use the fund’s mobile app. The CS noted that 4.3 million borrowers’ multiple transactions showed the fund’s sustainable growth.