Kenyans borrowed at least Sh408.5 million from the Hustlers Fund barely 24 hours after it was launched on Wednesday, November 30.
Co-operatives and SMEs Development Cabinet Secretary Simon Chelugui said on Thursday morning, December 1, that the Sh408.5 million was disbursed to some 1.14 million Kenyans.
The average number of transactions was 500 per second on Wednesday, dropping to 190 per second on Thursday.
Hustlers Fund, a key promise during the 2022 election campaigns, was officially rolled out by President William Ruto at the Green Park Bus Terminus in Nairobi on November 30.
Borrowers will pay an interest rate of 8 per cent per annum, with the repayment period capped at 14 days.
Should one fail to offset the loan within 14 days, he or she will face an increased interest rate at 9.5 per cent per annum.
Heavy defaulters would be blacklisted from the loan scheme.
On Wednesday, President Ruto said the first phase of the fund targets Kenyans borrowing between Sh500 and Sh50,000.
SMEs seeking capital between Sh100,000 and Sh5 million will benefit from the fund beginning February 2023, said Dr Ruto.