Hustler Fund Ranked as One of the Most Successful Projects by the Kenya Kwanza Government

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The governments led project hustler has so to date lend out close 45 billion Kenya shillings to willing borrowers and 33 billion has already been paid back according to Micro and Small Enterprises Authority(MSEA) board chairman James Mureu.

Hustler fund recently turned a year and Mureu describes the uptake of the product as very successful having achieved over 56 million transactions with 7.8 million repeat customers and repayment rate standing at 74 percent.

Speaking to the media , Mureu noted that hustler fund is one of the successful project by the Kenya Kwanza government that was meant to benefit hustlers in the country.
( MSEA chairman Mr. James Mureu Speaking to the media in Nairobi)

He pointed out that hustler fund is cheaper than most platforms which works out better for small business operaters like the mama mbogas because when they borrow 1000 in the morning they only need to pay an intrest of two shillings in the evening compared to the standard intrest rate of one hundred.

Encoranging Kenyans to join hustler fund mureu noted that one only needs to navigate through a very simplified digitised process by simply dialing *254#.

“I would like to urge people to dial *254# and see if you need that little money and if you don’t , please do not laugh at those who are borrowing because that little money means a lot to them,”he added

According to mureu Kenyans who did not have a bank account now can have a bank statement from hustler borrowing and paying, so they a generally becoming bankable because there is something to prove it, unlike most banks who do not believe in small borrowers .

Mureu further noted that the success of hustler fund has pushed the government to start focusing on the digitization of services across the country.

“As an organization we have a responsibility from the office of registar of MSMES to capture data ,we have program that we are about to embark on from world bank to captaure data of all the micro and small enterprises according to age , gender sector and location so that we are able locate this people and cluster them into groups so that we can be able to get help directly when we have willing donors or source of help,” he concluded.


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