RUNDOWN
• The President launched the Hustler Fund on November 30th which saw Kenyans borrow an average of Sh17 million an hour on its first day.
• This fund seeks to provide loans to small businesses in the country that have always struggled to access financing from local banks.

Kenyans have borrowed more than Ksh26.4 billion from the Hustler Fund since it was launched on November 30, 2022.

The report 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). Indeed, this has been the most successful financial inclusion project launched in this continent. ‘’ Njuguna said.

The President launched the Hustler Fund on November 30th which saw Kenyans borrow an average of Sh17 million an hour on its first day.

This 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).

Hustler 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 added.

Reviewing progress and achievements in the ICT sector and share knowledge, case studies, best practice, and lessons learned based on experiences by ICT practitioners is among the things the summit searched. 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.

By Jane Kibathi.