President William Ruto has disclosed that 50,000 Kenyans borrow from the Hustler Fund every morning.
Speaking in Kakamega on Saturday, August 24, the president said borrowers also repaid, claiming that the Hustler Fund had been repaid at 80 percent.
"50,000 Kenyans borrow from the Hustler Fund every morning. They have already borrowed about Sh52 billion. And these people are good because they borrow and repay. But there are a few with issues and we'll deal with them. The repayment of the Hustler Fund is 80 percent," President Ruto remarked.
The Head of State further disclosed that he had budgeted an additional Sh3 billion for the fund and that Sh1 billion had already been disbursed.
"Already, we have released Sh1 billion to the state department responsible for the fund," the president stated.
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President Ruto also expressed confidence in the leadership of the newly appointed Cabinet Secretary for Cooperatives to ensure that many Kenyans have access to the Hustler Fund.
"I am very confident that under your leadership more Kenyans are going to access funds. Next month, we are launching phase two of the fund to give loans to businesses where loans up to Sh1 million will be accessed. I'm confident you are going to take charge," Ruto remarked.
His remarks come after Oparanya announced that he would be going after Hustler Fund defaulters.
The CS on Friday, August 23, noted that 21 million Kenyans borrowed money from Hustler Fund with 19 million of them disappearing without repaying the loans.
“The Hustler Fund was very innovative, digital, but the problem we have had with it is that in the first round, 21 million people borrowed money. Out of the 21 million, 19 million disappeared with the money. Only two million people are borrowing regularly.
“This is public money which should be borrowed and repaid so that other people benefit from it. For those 19 million, I am coming for you to make sure that you pay so that others can benefit,” he stated.
