President Ruto launches Hustler Fund’s second product
Kenya’s 60th Madaraka Day, celebrated under the theme “Celebration of Freedom and Enterprise,” concluded with the launching of Hustler Fund’s second product.
President Ruto in his speech to the nation, highlighted that this fund aims to enable individuals to access financial support through collective groups. Additionally, it seeks to transition the collective-driven competitive market enterprise into the online sphere, fostering digital connectivity and expansion.
“To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socio-economic amenities. This how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behinf in the financial and entrepreneurial inclusivity revolution,” the Head of State said.
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The President further expressed his appreciation for the remarkable achievement of the first product introduced by the Hustler Fund. He described the initiative as revolutionary, noting its transformative impact on Kenya’s fintech sector.
He highlighted that the fund has played a crucial role in shifting the financial ecosystem from a predatory framework to a more responsible and sustainable one.
“As a result, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund,” he said.
According to the President, the individual loans provided by the Hustler Fund have facilitated a significant number of digital transactions. As of now, the total number of these transactions has reached 42.5 million. Out of these, approximately 20.2 million Kenyans have been able access nearly Ksh. 30 billion in funds.
Furthermore, the borrowers have demonstrated commendable repayment discipline, having already repaid Ksh. 19.7 billion. 7 million individuals have become repeat customers, showcasing the positive impact and popularity of the Hustler Fund’s individual loan program.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through a complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime and a few minutes, and they are able to get money wherever they are,” he said.
The officially launched the individual Hustler Fund on November 30, 2022. This fund was specifically designed to be accessible through mobile money service platforms, enabling convenient and widespread availability to potential beneficiaries. By leveraging the existing mobile money infrastructure, the Hustler Fund aimed to streamline the process of accessing financial support for individuals in Kenya.