Hustlers flooded the platform in a desperate dash to get their hands on the money hours after President William Ruto announced the second phase of the Hustler Fund, which targets organizations like Chamas and Saccos.
20,000 groups registered for the program, according to Simon Chelugui, Cabinet Secretary for the Ministry of Co-operatives and Micro, Small, and Medium Enterprises (MSMEs). However, credit was granted to 4,504 groups.
Chelugui claimed that the organizations received their funding right away after signing up for the credit program.
A record 20, 000 groups signed up for the project in only a few hours after President William Ruto unveiled the Hustler Fund’s second product for groups, according to Chelugui.
“4,504 of these groups have been successfully processed. They will then learn their allowances, which will allow them to borrow the money right away,” he continued.
The amount awarded to applicants’ groups ranged from Ksh20,000 to Ksh1,000,000. According to Chelugui, the financial inclusion initiative was started to give groups the tools they needed to overcome different financial obstacles.
He expressed hope that more Kenyans would purchase the item, fostering entrepreneurship and preserving Kenya’s culture.
On June 1st, at Moi Stadium in Embu, during the Madaraka Day celebrations, President William Ruto unveiled the second phase of the new product.
Ruto urged Kenyans to apply for the credit facility, stressing that doing so would be crucial in assisting them in getting over numerous obstacles to saving money and obtaining social security.