The government has reported a significant increase in repayments to the Hustler Fund, with Kenyans having reimbursed over Ksh. 37 billion out of the Ksh. 49 billion disbursed.
Cooperatives, Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui highlighted that while the fund has not yet achieved full repayment, there is no cause for concern, as the primary objective is financial inclusion.
Speaking at the partnership launch between Visa and the Africa Confederation of Cooperative Savings and Credit Associations on Friday, Chelugui emphasized the importance of bringing more Kenyans into the formal financial sector.
Chelugui revealed that over 10 million individuals in the country remain outside formal financial channels, a figure the government aims to reduce gradually, targeting an annual onboarding of 10,000 individuals.
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“As of today, the total disbursement stands at Ksh. 49,646,160,903. Regarding repayments, in accordance with our terms and conditions, we have received Ksh. 37,651,195,451 – representing approximately a 71 percent repayment rate,” he stated.
“The number of opt-in customers, those who have enrolled in the Hustler Fund, stands at 22,788,294, which accounts for nearly 50 percent of Kenyan citizens.”