BAD NEWS TO KENYANS WHO TOOK HUSTLER FUND.

Co-operative Cabinet Secretary Simon Chelugui, on Friday, June 23, revealed that the Hustler Fund had disbursed Ksh26.7 million to various groups since the Group Micro Enterprise Loan launch.

In a statement, the CS added that the groups had saved Ksh1,339,630 in 22 days, since President William Ruto unveiled it on June 1.

On the other hand, only Ksh166,555 was refunded to the fund’s kitty.

Chelugui also revealed that the launch of the second Hustler Fund product saw 229,923 groups created, with a majority on the verge of completing their registration processes.

As of June 23, only 12,330 groups were eligible to borrow from the funds.

1,066 groups were reported to be waiting for approval on their loan applications.

The Group Micro Enterprise Loan was launched during the Madaraka Day celebrations, with groups allowed to access credit up to Ksh1 million.

“Interest rates are set at 7 per cent per annum on reducing balance and 1.5 per cent default rate. Repayment is set at six months from the disbursement date.

“Borrowers can opt to repay in instalments or lump sum,” Hustler Fund explains on its website.

Group beneficiaries are expected to have at least five members and be registered with various government agencies.

Regarding the personal Hustler Fund Product, Chelugui indicated that Ksh31.5 billion was disbursed, with Ksh21.1 billion recovered.

Ksh1.5 billion was saved out of the 44,301,713 transactions.