President William Ruto has launched the second product of the Hustler Fund.
The head of state on Thursday said the product will help the people access funding through groups.
Speaking during the Madaraka Day fete in Embu dubbed a “Celebration of Freedom and Enterprise”, the President said it will usher the collective-driven competitive market enterprise to the online domain.
“To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other socio-economic amenities,” he said.
“This is how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution,” he said.
Dr Ruto said the first Hustler Fund product – individual loans – was a success that “turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one.”
“As a result, Kenya’s digital economy has received a tremendous shot in the arm as demonstrated by reports that Safaricom alone has enrolled at least 2 million new subscribers into its financial ecosystem courtesy of the Fund,” he said.
He asserted that since its launch in November 2022, the total number of digital transactions currently stands at 42.5 million through which 20.2 million Kenyans have accessed close to Sh30 billion, and repaid Sh19.7 billion, with 7 million being repeat customers.
“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund,” Dr Ruto added.
“They only need a device, a little airtime and a few minutes, and they are able to get money wherever they are.”