Kenya’s 60th Madaraka Day was branded a Celebration of Freedom and Enterprise, culminating with the introduction of the Hustler Fund’s second product, the Financial Inclusion Fund’s second offering.
President William Ruto stated in his Madaraka Day speech to the country that the fund is intended to make it easier for individuals to obtain money via groups and to bring the collectively driven marketplace company online.
The Hustler Fund will use organisations like Chamas and Saccos to help people overcome marginalisation and obstacles to accessing finance, savings, social security, health insurance, and other socioeconomic amenities to promote integration.
This is how we will mainstream our way of life through technology and legislation.
The President said, “We are dedicated to using fintech to make sure that nobody is left behind in the financial and entrepreneurial inclusiveness revolution.
The Head of State expressed appreciation for the individual loans, the Hustler Fund’s first product, which he claimed was groundbreaking and “turned around the country’s fintech, developing it from a predatory ecosystem to a more accountable one.”
According to claims that Safaricom alone has added at least 2 million new members to its financial ecosystem as a result of the Fund, he stated, “Kenya’s digital economy has thus received a tremendous boost.”
According to Ruto, the overall number of digital transactions related to the individual Hustler Fund loans has reached 42.5 million, through which 20.2 million Kenyans have drawn around KSh.30 billion and returned KSh.19.7 billion, with 7 million being repeat customers.
“To use the Hustler Fund, those who borrow do not need to know anybody, pay any officials, or go through arduous administrative processes. Not a single penny has been taken via corruption. They can acquire money anywhere they are with only a gadget, some airtime, and a few minutes,” he said.
On November 30, 2022, the President announced the creation of the personal Hustler Fund, which was made accessible via mobile money systems.
