Kenyans have borrowed more than Ksh26.4 billion from the Hustler Fund since it was launched on November 30, 2022.
This update was released by George Njuguna, Director of IT at Safaricom who was speaking at the ongoing Connected Summit in Diani, Kwale County.
‘’So far over 18 million Kenyans have opted in, with over KES 26.4 billion disbursed as at 9PM last night (Sunday 2nd),‘’ he said.
‘’Indeed, this has been the most successful financial inclusion project launched in this continent. ‘’ Njuguna added.
President William Ruto launched the Hustler Fund on November 30th which saw Kenyans borrow an average of Sh17 million an hour on its first day.
The Hustler Fund seeks to provide loans to small businesses in the country that have always struggled to access financing from local banks. It is designed to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs).
The fund is a creation of the draft Public Finance Management (Financial Inclusion Fund) Regulations, 2022, and was president Ruto’s key promise during the campaigns.
‘’Indeed, this has been the most successful financial inclusion project launched in this continent,’’ Njuguna said.
The 2023 Connected Summit hosted by ICT Authority is being held under the theme The Digital Economy: Endless opportunities shaping the future.
The summit seeks to review progress and achievements in the ICT sector and share knowledge, case studies, best practice, and lessons learned based on experiences by ICT practitioners. It also seeks to develop and recommend policy, regulatory, and operational interventions and provide a platform for meaningful networking that will result in fruitful relationships that contribute to economic development.
Safaricom is one of the key sponsors of this regional summit.