File image of President William Ruto.
President William Ruto has launched the second phase of the Hustler Fund which will enable Saccos and chamas to access loans of up to Ksh 1 million.
Speaking during the Madaraka Day Celebrations in Moi Stadium, Embu County, Ruto expressed confidence that the new product will be successful.
“It is now my honour and pleasure to introduce and officially launch the second product of Hustler Fund, the Hustler Group Loan,” Ruto stated.
“I am glad that this launch of the group loan product is taking place against the backdrop of the phenomenal success of the Hustler Fund Personal Loan product. I expect this product will encounter even greater appetite from the market,” he added.
The President noted that the new product will enable groups such as chamas and Saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance, and other socioeconomic amenities.
Ruto at the same time announced that the Hustler Fund transactions have reached 40.5 million with 20.2 million Kenyans borrowing nearly Ksh 30 billion and 7 million being loyal or repeat customers.
“On its way to becoming the biggest financial institution by the number of borrowers and active loans effectively, the Hustler Fund also turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one,” Ruto underlined.
He also highlighted that the fund has helped telecommunication giant Safaricom enroll at least 2 million new subscribers into its financial ecosystem.
“Without a doubt, the Hustler Fund has been more than transformational; it is revolutionary,” he added.
The individual Hustler Fund was launched on November 30, 2022, and made available through mobile money service platforms.
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