The Financial Inclusion Fund, also known as the Hustler Fund, has been gaining popularity among Kenyans since its launch two months ago. Recent reports show that borrowing has reached 14 billion Kenyan shillings. It represents a significant increase from the last reported figure of 10 billion shillings on December 20.
According to an official from the fund, 18 million Kenyans have opted into the program by January 12, surpassing the initial target of reaching 17.6 million citizens. It clearly indicates that the fund is meeting a real need in the Kenyan population.
The official also revealed that 8.8 billion shillings of the 14 billion disbursed thus far came from the Exchequer, highliting the government’s commitment to supporting the fund and its efforts to provide financial assistance to citizens.
Repayment of loans has also been impressive, with 45% of the loan book already repaid, amounting to 6.3 billion shillings. The official credited this to the small loan amounts offered by the fund, between 500 and 1000 shillings, which have generated significant interest among borrowers.
Moreover, the official mentioned that 711 million shillings have been saved through the fund, as five percent of the borrowed amount is deducted from the loans. It shows that not only are borrowers utilizing the fund, but they are also committed to repaying their loans in a timely manner.
The Hustler Fund is providing a valuable service to the citizens of Kenya, particularly during a time when the economic challenges brought on by the COVID-19 pandemic have hit many individuals and small businesses hard. It clearly indicates the fund is meeting a real need in the population and is contributing to the country’s economic recovery.