Since its inception on December 1, 2022, the Sh50 billion Hustler Fund has disbursed over Sh36.5 billion to borrowers, according to the latest data from the Ministry of Cooperatives and MSMEs. As of September 12, 2023, personal loans disbursed under the fund amounted to Sh36,506,487,819.
Out of this disbursed amount, borrowers have repaid Sh25,798,952,846, indicating a strong commitment to meeting their financial obligations. Additionally, customers have collectively saved Sh1,825,324,451.
The data reveals that a total of 21,188,903 customers have chosen to participate in the fund, with 7,537,965 of them being repeat customers. This indicates the fund’s appeal and the trust borrowers have in its offerings.
Overall, the fund has facilitated 49,379,110 transactions, demonstrating its widespread use and impact. The Ministry of Cooperatives and MSMEs also reported that 454,310 sacco groups have been created and have opted into the fund, while 515,705 others are awaiting approval.
Of the approved groups, 47,108 have received full approval and have a cumulative membership of 1,064,257. Some groups have already been assigned borrowing limits (36,995), while others (10,387) are awaiting limit assignment. Additionally, there are 3,431 loan requests pending member approval.
Furthermore, the fund has disbursed Sh146,888,111 to groups through 20,165 transactions involving 263,539 groups. Repayments from these groups total Sh13,131,421, and they have also saved Sh7,344,406.
President William Ruto recently praised the impressive performance of the Hustler Fund, highlighting that only Sh3 billion out of the total Sh35 billion disbursed over nine months had not been repaid. He expressed confidence in the fund’s success and the borrowers’ commitment to repayment, emphasizing that the defaulted amount was inconsequential in comparison to the overall performance.