This is why your Hustler Fund limit can't grow – Chelugui – The Star Kenya
•The CS who was addressing the press Monday at the same disclosed that the highest amount lent so far was Sh5,000 with the minimum being Sh500.
•Meanwhile, a total of Sh9.5 billion of Kenya Kwanza’s ‘Hustler’ fund had been disbursed by 9am today as per the data released by the CS.
Nairobi, Kiambu, Nakuru, Machakos and Meru counties have the highest number of subscribers of the Hustler fund, data released by Cooperatives and MSMEs CS Simon Chelugui shows. https://bit.ly/3uZJRPV
Mobile networks and financial institutions are the ones setting limits for customers borrowing the Hustler Fund, Cooperatives and MSMEs Development CS Simon Chelugui has said.
Responding to a question on why limits for some Kenyans who had repaid were yet to increase, Chelugui said the network providers and banks engaged by the government were relying on previous individual records.
“They are using historic information available on their systems as communication and consumption of airtime,” he said.
The setting of limits, he further stated, was done through an algorithm system.
The CS who was addressing the press Monday at the same disclosed that the highest amount lent so far was Sh5,000 with the minimum being Sh500.
Meanwhile, a total of Sh9.5 billion had been disbursed by 9 am today as per the data released by the CS.
Chelugui stated that borrowers have saved Sh480 million from some 17 million transactions recorded so far.
“By 9 am today, Sh9.6 billion had been disbursed to hustlers… more than 16.5 million Kenyans have been registered and are accessing the fund,” he said.
The CS also used the opportunity to call on Kenyans to adopt the borrow-and-pay model as this is the only way one can grow with the Hustler Fund.
Lauding Kenyans for embracing the Fund wholeheartedly, the CS also urged them to pay back the loan on time noting this would enhance their creditworthiness.
“One of the biggest discussions during the campaign was the establishment of the Hustler Fund to support ordinary Kenyans and our president fulfilled this promise by launching the Fund on November 30,” the CS said.
“The idea is to start small and grow big… So long as you repay without delay you’ll be able to grow and get the maximum amount which is Sh50,000.”
As per the latest figures, Kenyans who have borrowed the fund had repaid sh2.7 billion so far, translating to 23 per cent of the amount disbursed so far.
The number of Kenyans who have borrowed more than once now stands at 2.7 million and growing by the minute.
“There is no committee, secretariat or directors for Hustler Fund. It’s only you and your phone; you get the money by just pressing the buttons on your phone,” he said.
Apart from personal finance, the Hustler Fund comprises micro business, SME and startup loans which will be launched in February.
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