Monday, September 25, 2023
HomeNewsHustler Fund sees slightly more feature phone users than smartphone users

Hustler Fund sees slightly more feature phone users than smartphone users

The government has released more comprehensive figures around the adoption and disbursement of its ‘Hustler Fund’. While the government has been sharing data on the fund’s adoption and disbursement almost on a daily basis since its launch on November 30th, this data is the most comprehensive.

As such, we are even able to see specifics like from which kinds of devices the most applications are being made. Things are almost even among smartphone and feature phone users.

According to the figures, shared by Cabinet Secretary for Cooperatives and Micro and Small Enterprise, Simon Chelugui, under whose docket the Hustler Fund falls, smartphone users had accounted for 49% of the fund’s borrowers, 19 days since its launch whereas feature phone users took a slight lead, accounting for 51% of the Hustler Fund’s borrowers.

The Hustler Fund is a Kshs 50 billion per year revolving fund being issued by the government that targets between 10 and 15 million adult working citizens who had hitherto been condemned to applying for and receiving mobile loans from private lenders at punitive interest and repayment rates.

The Hustler Fund has several components. The component that is currently operation is the personal loans product. Other components targeting micro-businesses, SMEs and startups will join the fray in due course. As per the ministry, the micro loans component targeting groups of individuals (like self-help groups), co-operatives and chamas will be launched in February 2023 by President William Ruto.



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