Kenyans had borrowed Ksh. 408 million from the newly launched Hustler Fund by Thursday, 8.45 a.m., hours after President Ruto launched the fund, touted to be Kenya’s silver bullet in tackling economic inequality. It is said that 600 persons applied for the loan per second.
According to figures released on Thursday by Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, Transactions Per Second (TPS) had also stabilized at 190, down from a high of 500 on Wednesday.
The CS also revealed that 1.14 million Kenyans had so far been registered under the scheme.
The fund, launched on Wednesday, will give Kenyans access to financing at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
The loans, to be accessed via USSD code *254# will start from a minimum of Ksh 500 and a maximum of Ksh.50,000 for individual borrowers.
When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund
The savings scheme will split savings into 70% long-term and 30% short-term savings, such that 70% of the 5% will go into long-term (Pension) and 30% of the 5% will go into short-term.1h
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