Barely 24 hours after its launch, Kenyan seem to embrace the Hustler fund, with Ksh. 408.5 million already borrowed as at 8:45 am on Thursday.
A total of 1.14 million customers have already registered with the Hustler fund.
Transactions per second have stabilized at 190 from a high of 500 on Wednesday.
The much-awaited Sh50 billion Hustler Fund was launched by President William Ruto on Wednesday which will see Kenyans borrow loans of up to Sh50,000 at an 8% interest rate.
Addressing the nation during the launch at Green Park Terminus, Nairobi, President Ruto said the launch marks a critical milestone in his government to implement the bottom-up transformational agenda.
“By launching the Financial Inclusion Fund, popularly known as the Hustlers Fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises. We are also liberating them from shylocks and establishing a culture of saving, investment, and social security,” the Head of state said.
The Hustlers Fund was part of President Ruto’s manifesto of uplifting Small and Medium Enterprises (SMEs) by facilitating access to affordable credit.
Through the Plan, the government aims at creating opportunities for millions at the bottom of the economic pyramid to work their way up and achieve goals.
The Hustler Fund is made up of Personal, Micro Business, SME and Start Up loans.
To access the fund, Kenyans will need to dial *254# on their mobile phones.
To be eligible for the fund, one must be a Kenyan citizen aged 18 years and above, with a valid Identification Card and Registered Mobile number with mobile network providers, Safaricom, Airtel, and Telkom.
One will also be required to have a mobile money account that is either Mpesa, Airtel Money or Tkash, and the sim card must have been in use for more than 90 days.
The Start-Up loan will enter the market at the end of May next year.