Friday, June 2, 2023 – Hours after President William Ruto launched the second phase of Hustler Fund targeting groups such as Chamas and Saccos, there was a mad rush as hustlers flocked the platform to secure the money.
According to Cabinet Secretary for the Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Simon Chelugui, a record of 20,000 groups signed up for the initiative. However, 4,504 groups were approved for credit.
Chelugui indicated that the groups secured their funds immediately after registering for the credit programme.
“Just a few hours after President William Ruto launched the second product of the Hustler Fund — for groups, a record 20, 000 groups joined the initiative,” Chelugui stated.
“Out of these, 4,504 groups have been processed successfully. They will then get their limits and this will enable them to borrow the money immediately,” he added.
Groups who applied for the funds would get between Ksh20,000 and Ksh1 million. Chelugui stated the financial inclusion programme was launched to empower groups to navigate various financial challenges.
He expressed optimism that more Kenyans would embrace the product, promoting entrepreneurship and saving culture in the country.
President William Ruto launched the second phase of the new product during the Madaraka Day Celebrations at Moi Stadium Embu on Thursday, June 1.
Ruto advised Kenyans to apply for the credit facility noting that it was key to helping them overcome various barriers to participate in savings and gain social security.
The Kenyan DAILY POST.