President William Ruto has revealed the number of beneficiaries and funds disbursed since the launch of the Hustler Fund.
Speaking during Labour Day celebrations on Thursday, May 1, Ruto said the program has reached over 25 million Kenyans and disbursed nearly Ksh70 billion.
He also said the government has introduced a new credit rating system designed for people without traditional collateral.
“To date, over 25 million Kenyans have accessed nearly Ksh70 billion through the Fund, with over Ksh4.5 billion mobilised in savings. We have also introduced a nine-band credit rating system to formalise credit histories and unlock new opportunities for those without traditional collateral,” he stated.
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Additionally, Ruto announced the rollout of the Hustler Fund Bridge product which links high-performing borrowers to the formal banking sector, expanding their access to larger loans.
He noted that more than 400,000 borrowers have already transitioned to the new product, with some receiving loans of up to Ksh150,000.
"Already, more than 4.5 million borrowers with A and B ratings have qualified for the Hustler Fund Bridge product, linking them to commercial banks and paving the way to the formal credit market.
"Over 400,000 have transitioned to this product, with some accessing up to Ksh150,000. These borrowers are the future of our enterprise economy,” he stated.
The Hustler Fund was launched on November 30, 2022, by Ruto to provide affordable credit to individuals and small businesses.
Individuals can access personal loans ranging from Ksh500 to Ksh50,000, while groups such as chamas and cooperatives can obtain loans between Ksh50,000 and Ksh1 million.
