At least 1.4 million Kenyans have registered for the newly launched Hustler fund, figures from the government have revealed.
According to the figures released on Thursday, December 1, by Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, more than KSh 500 million had been disbursed to Kenyans just 12 hours after its official unveiling.
The CS further revealed that Transactions Per Second (TPS) had also stabilized at 190, down from a high of 500 on Wednesday, November 30.
The fund which was launched by President William Ruto is made up of four products; personal, micro business, SME, and start-up loans.
Speaking during the official launch, the Head of State said the scheme is aimed at freeing Kenyans from unscrupulous lenders who have been exploiting borrowers.
He said the scheme further seeks to encourage Kenyans to save for their future generations adding that 5 percent of the total loan borrowed will be channeled to their savings.
“Through the launching this fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises as well as liberating them from shylocks and establishing a culture of saving, investment, and social security,” President Ruto said.
Despite its huge uptake, a section of the Azimio la Umoja One Kenya Coalition Party has poked holes in president Ruto’s hustler fund.
Nominated MP John Mbadi in a statement on Twitter termed Ruto’s hustler fund as ‘nonsense’ adding that it is part of the government’s business to raise taxes.
“Kenyans don’t be deceived! Hustlers fund is just a loan like any other. Ni biashara yao wameanza. You will dearly miss Baba’s monthly 6,000 social protection,” Mbadi said.
During the August 9, presidential campaign, Ruto said his government shall be setting aside KSh 120 million for each of the 290 constituencies to help small business improve their fortunes.
“I have been told off for helping hustlers in my campaigns, but as an economic agenda, I will set aside KSh120 million annually in each constituency in the country when elected just to help boost businesses of hustlers,” Ruto said.