Nyeri County Leads In Hustler Fund Loan Repayment-CS Chelugui
Nyeri County leads in hustler fund loan repayment after its launch. The most recent data provided by Cabinet Secretary for Co-operatives and MSME Development, Simon Chelugui, reveals that Nyeri county leads with an impressive repayment rate of 76.3%.
Nyeri is followed closely by Kiambu County at 75.3% while Nyandarua secured the third spot with a repayment rate of 74.5%.
Nairobi, boasting the highest number of subscribers at 2 million, takes the fourth position on the list, with a respectable repayment rate of 73.8%.
Among the top ten counties, several others have notable loan repayment rates. Laikipia County ranks sixth with a repayment rate of 73.6%, followed closely by Nandi County at 73.5%.
Murang’a County follows suit with a repayment rate of 73.3%, while Embu and Uasin Gishu Counties both recorded a repayment rate of 73.1%.
Nakuru County concludes the top ten with a repayment rate of 72.9%.
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The overall repayment rate stands at 69% on a national scale, a statistic praised by CS Chelugui who expressed his satisfaction saying, “We are building a very good story backed by data. I am particularly impressed by the positive attitude shown by the majority of the beneficiaries and Kenyans in general.”
Regarding borrower demographics, the youth aged 18-29 lead the chart with 38.5%, followed by those aged 30-39 at 28.8%. Those in the 40-49 age group constitute 17.5% of the borrowing population.
In terms of gender, men account for 66% of Hustler Fund borrowers, while women make up 34%.
CS Chelugui provided further updates, revealing that Ksh. 31.5 billion has been disbursed thus far, with a loan repayment amount of Ksh. 21.2 billion. The savings account currently holds Ksh. 1.5 billion.
The number of registered fund participants has reached 20 million, of which 7.1 million have borrowed from the fund and repaid multiple times.
When it comes to accessing the facility, mulika mwizi (feature phones) are utilized by 55% of Kenyans for personal products, while smartphones are preferred by 45%. However, for the recently launched group product, smartphones take the lead, with 56% of subscribers using them, while 44% rely on mulika mwizi.
CS Chelugui shared that a total of 170, 376 groups have been established, with approximately Ksh. 20 million disbursed.
Nairobi leads the way with 10,957 groups followed by Trans Nzoia with 9,792 groups. Meru County holds the third position with 9,647 groups. Other counties in the top ten include Nakuru, Kiambu, Bomet, Nandi, Uasin Gishu, Narok, and Kisii.