On Thursday, 1st June 2020, President Ruto launched the second product of the Hustler Fund. The Hustler Group Loan aims at enabling groups/chamas of at least ten people to access the funds. The product seeks to provide money to informal traders who cannot access loan services from different companies.

Requirements for the Hustler Group Loan

• Minimum of 10 members
• Must be a registered group
• Borrow between Ksh 20,000 – Ksh 1,000,000

The interest rate for the Hustler Fund Group Loan remains undisclosed.

Individual Hustler Fund

The personal loan fund was launched last year, on November 30th by President William Ruto. The product is available through various mobile money platforms like Mpesa and Airtel Money. Individuals can borrow amounts as low as Ksh. 500 to Ksh 50,000.

As of June 1st, the President reported that the total number of digital transactions stands at 42.5 million since inception. He also pointed out that at least 20.2 million Kenyans accessed nearly Ksh 30 billion where Ksh 19.7 billion has been repaid. These figures indicate that at least 66% of the amount borrowed has been repaid. He, however, did not disclose how many borrowers have defaulted.

The Future

So far, two out of four products envisioned to compromise the Hustler Fund have been launched successfully. The SME Loan and Start-up Loan products are yet to be launched.