Nyeri leads in Hustler Fund repayment

By Peter Ochieng

Cabinet Secretary (CS) for Cooperatives and Micro and Small Enterprises Simon Chelugui, on Saturday released Hustler Fund borrowing and repayment statistics.

According to CS Chelugui, Nyeri tops the list of counties with highest loan repayment, followed by Kiambu and Nyandarua.

"In the latest data produced by a strong team of experts we've put together, Nyeri leads with 76.3 percent followed by Kiambu at 75.3 percent while Nyandarua takes the third position with 74.5 percent," the CS said in a statement.

"Nairobi which leads in terms of subscribers at 2 million, takes the fourth place with a repayment rate of 73.8 percent. Other counties in the top ten include Laikipia (73.6 percent), Nandi (73.5 percent), Murang'a (73.3 percent), Embu (73.1 percent), Uasin Gishu (73.1 percent) and Nakuru (72.9 percent)."

Nationally, Chelugui said, the repayment rate stands at 69 percent.

Impressively, youth are the leading borrowers.

"In terms of age, the youth who fall between 18-29 years leads the chart of borrowers with 38.5 percent followed those between 30-39 who control 28.8 percent. People aged between 40-49 percent have so far recorded 17.5 percent borrowing rate," added the Cabinet Secretary.

In terms of gender, more men borrow Hustler Fund compared to women at 66 percent and 34 percent respectively.

He said so far, Sh31.5 billion has been disbursed while loan repayment stands at Sh21.2 billion. Savings account stand at Sh1.5 billion.

"The number of Kenyans who have registered with the fund now stands at 20 million while 7.1 million have borrowed from the kitty and repaid more than once."

During Madaraka Day celebrations on 1st June, 2023, President William Ruto launched the group product, which is now gaining momentum among Kenyans.

"In the group product, 56 percent of subscribers used the smart phone to access the facility while 44 percent used Mulika Mwizi. So far, a total 170, 376 groups have been launched and about Sh20 million disbursed," Chelugui stated.

Nairobi tops the list of counties with the highest registered groups, which stand at 10, 957.

Trans Nzoia is second with 9,792 groups. Meru stands at number three with 9, 647 groups.

Other counties in the top ten bracket are Nakuru, Kiambu, Bomet, Nandi, Uasin Gishu, Narok and Kisii.