Kenyans who had taken loans of varying amounts within the first 24 hours of the Hustler Fund’s launch have already paid back about Ksh.7.7 million.

This is according to figures provided by the government, which also indicated that the amount borrowed as at Thursday 8:30pm had risen to Ksh.413 million.

The government further added that registered members, as at the same time, had clocked 1.6 million, with borrowers at 683,000.

Cooperatives and MSMEs Cabinet Secretary Simon Chelugui had early Thursday morning noted that Kenyans had borrowed Ksh.408 million from the Hustler Fund, only hours after its launch by President William Ruto.

The CS then also stated that the Transactions Per Second (TPS) were at 190, down from a high of 500 on Wednesday, adding that 1.14 million Kenyans had registered under the scheme.

The Hustler Fund, which was launched on Wednesday, will give Kenyans access to financing at 8 per cent pro-rated basis or a daily rate of 0.002 percent.

The loans, to be accessed via USSD code *254#, start from a minimum of Ksh.500 and a maximum of Ksh.50,000 for individual borrowers.

When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.

The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund.

The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.

Sourced from citizen Digital

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