Nairobi — A total of Sh2.9 billion has been borrowed by Kenyans from the hustler fund kitty as of Sunday.

Data released by the Ministry of Cooperatives disclosed that the borrowings are an equivalent of five million transactions.

The records further revealed that out of the amount borrowed, Sh129 million has already been paid back.

Sh147 million has since been saved following the borrowings.

A total of over eight million Kenyans have registered for the fund five days since its launch.

The hustler fund is President William Ruto's pet initiative which he launched on November 30, 2022.

The Head of State insists the fund would alleviate the living standards of many Kenyans, especially those operating micro-small enterprises.

"By launching this fund we are supporting underserved Kenyans with services and products that are responsive to their enterprises. We are also liberating them from shylocks and establishing a culture of saving, investment, and social security," he said.

He equally said the fund was part of his government's plan "to create opportunities for millions at the bottom of our economic pyramid to work their way up and fulfill their aspirations."

"More affordable credit will promote borrower confidence and inject significant amounts of money into productive activity throughout the economy," he said.

The Sh50 billion fund offers four different products: start-up loans, microloans, SME loans, and personal loans of up to Sh50,000.

The repayment period of the loans whose annual interest rate is eight percent is capped at fourteen days and borrowers who pay on time are assured of a higher credit score.

The fund also requires borrowers to set up a savings account, with five percent of the loan amount automatically going into a personal savings scheme, to which the government will contribute a maximum of 6,000 shillings per year.

To be eligible for the fund, one must be a Kenyan citizen aged 18 years and above, with a valid Identification Card and Registered Mobile number with mobile network providers like Safaricom, Airtel, and Telkom.