The Kenyan government is set to unveil a board to manage The Hustler Fund, a program designed to provide financial assistance to low-income earners, small and medium-sized enterprises (SMEs), cooperatives, and startups. According to Cooperatives and MSME Development Cabinet Secretary Simon Chelugui, the names of the board members have already been forwarded to relevant state agencies for background checks and approval, and are expected to be gazetted next week.
The Hustler Fund has been rolling out smoothly, with plans for the launch of a second product in top gear. This product, targeted at SMEs, cooperatives, chamas, and startups, will offer higher loan amounts ranging from 100,000 to 2.5 million Kenyan shillings and is set to be launched next month.
According to the latest data released by Cabinet Secretary Chelugui, the Hustler Fund has disbursed a total of 13.1 billion Kenyan shillings, with 5.6 billion repaid, representing a repayment rate of 42%. Borrowers have also collectively saved 659 million Kenyan shillings since the personal finance product was launched five weeks ago. The program has reportedly helped 17.7 million Kenyans so far.
The National Social Security Fund (NSSF) has been incorporated to assist in the management of the Hustler Fund, particularly in the saving aspect. The Cabinet Secretary stated that legal instruments are being put in place to ensure the safety and growth of the fund.
The Hustler Fund is proving to be a successful program that is helping to support the growth and development of SMEs, common Kenyans, cooperatives, and startups in Kenya. The forthcoming launch of a second, larger product and the involvement of the NSSF in its management demonstrate the government’s commitment to ensuring the long-term sustainability and success of the program.