CEO Elizabeth Nkukuu on Accessing Hustler Fund Savings and Stats

Hustler Fund CEO Elizabeth Nkukuu explains how Hustler Fund savings works - from how borrowers can withdraw their savings and the types of savings available. Elizabeth also provides important hustler fund stats

Hustler Fund Stats 

The Hustler Fund is not just a money-giving mechanism; it also serves as a tool to understand the economic landscape and identify areas of support for Kenyans. The success stories go beyond numbers, revealing valuable insights for the country.

The Hustler Fund's Total disbursements have reached close to 48 billion, with repayments standing at 36 billion. The repayment rate is a commendable 73%, surpassing the national average. Some counties have even achieved over 80% repayment rate.

Savings have reached 2.8 billion, invested in Treasury bill rates. The government has fulfilled its promise to match long-term savings for those who borrowed at least five times.

The fund's second phase targets MSMEs and farmers, addressing lessons learned from the initial phase. Challenges regarding low limits were overcome by incentivizing good borrowers with increased limits, benefiting 1.2 million individuals.

Moving to the business side, we are working with MSMEs authority to help entrepreneurs receive a tradable certificate, making them eligible for funding beyond the Hustler Fund. Our focus is on capacity building, assisting businesses to become scalable and sustainable.

Accessing Hustler Fund Savings 

With 2.8 billion shillings in savings, accessibility is crucial. Two savings products exist: mandatory and voluntary. Out of the mandatory 5% savings that is deducted when a loan is issued, 30% is accessible at any time, while the remaining 70% can be withdrawn after turning 61. For those above 61, all savings are treated as short-term and can be accessed as needed. 

Voluntary savings act like a money market fund, providing flexibility. The goal is to encourage savings.