President William Ruto has said that 7 million Kenyans who were listed on CRB and denied access to credit services have been removed from the platform.
Speaking during the one-year anniversary of the popular Hustler Fund initiative at the Green Park Terminus in Nairobi, Ruto said Kenyans who were condemned on CRB and denied access to credit are now actively borrowing funds through Hustler Fund.
We have repaired the credit of the 7 million Kenyans who were condemned in the CRB ecosystem – President Ruto.#KBCniYetu ^MM pic.twitter.com/z5JUDbc7M7
— KBC Channel 1 News (@KBCChannel1) November 30, 2023
CRB has in the past been tough with Kenyans who failed to repay loans, including those they took from mobile loan apps, with affected individuals claiming that they would be listed on CRB even with little loan balances like Ksh 500.
Addressing the progress of Hustler Fund, also called Financial Inclusion Fund, during the Pensions Conference and Expo at the KICC, the Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui laid out several incentives by the government, saying, “Anyone who has saved Ksh 6,000 will get Ksh 3,000 government incentive to promote savings.”
Chelugui also announced that “If your limit is Sh 6, 000 you will automatically go to Sh 12,000.”
As Hustler Fund celebrates its first anniversary, 1 million Kenyans have borrowed money consistently out of 19 million, who have borrowed over 10 times.
Those with savings above Sh 25,000 will have their loan limit increased to Sh 50,000. The highest borrower on Hustler Fund has savings of Sh 225,000. Mandatory savings on Hustler Fund are 5 percent of the amount being borrowed. Nonetheless, the platform also allows for voluntary saving.
Additionally, out of the Sh 39.5 billion borrowed, Sh 28 billion has been paid back. The fund also has Ksh 2 billion in savings and 7.5 million repeat customers.
This comes as Kenyans continue to deal with the high cost of living and some counties devastated by El Nino havoc. A registered Hustler Fund user can take a personal or business loan on the platform. Some Kenyans have also complained that they have not been able to access loans through the Hustler Fund.
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