Monday, December 5, 2022 – Days, after President William Ruto launched the Sh50 billion Hustler Fund, over 6 million Kenyans, have accessed the funds, unlocking billions into the market.
According to Cooperatives Cabinet Secretary, Simon Chelugui, Ksh1.8 billion had been borrowed as of Saturday, with a total repayment of Ksh66 million. This combined to 3.1 million transactions in the scheme.
The Fund was a core campaign pledge by the Kenya Kwanza administration, targeting low-income earners.
Known for seizing the moment, scores of Kenyans accessed the funds for various reasons including day-to-day expenses.
A section of Kenyans shared some of the uses for the hustler fund including fare, taking their partners out on dates, purchasing foodstuffs and repaying loans from other digital lenders.
“My loan limit is Ksh700. Within a few minutes, Ksh665 was deposited in my account and I used the amount to pay a loan from another application that was due,” one journalist spoke to this writer.
“I bought a 2kg packet of Unga and sugar. My children took the rest of the amount to use for fare,” Francis Kiiru, a Nakuru resident, spoke to the press.
Other Kenyans online also shared how the scheme came in handy to pay for dates as well as other commitments.
Despite their spending spree, Kenyans have raised some issues pertaining to the Fund, including the low loan limit, the use of mobile money PIN and the time taken to repay the amount.
Alluding to this, they urged the government to raise the loan limit to either Ksh5,000 or Ksh10,000 and to extend the repayment period from 14 days.
Prior to the launch, President Ruto had set the record straight on the scheme, dropping the ‘free money’ tag and affirming that the funds ought to be used to boost their business ventures.
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