HUSTLER FUND - Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

Ruto advised to appoint Co-op CS with experience in sector

Sacco ReviewJuly 22, 202405 mins

As the President plans to reconstitute his cabinet, members of a Sacco have urged him to appoint a Cabinet Secretary with expertise in managing cooperatives. Members of Anchor Premier Sacco have expressed that appointing someone with experience in managing cooperative societies to lead the Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development would…

Transition technical challenges made some customers get Hustler loans without IDs, says KCB

Sacco ReviewJuly 16, 2024July 17, 202405 mins

The Kenya Commercial Bank (KCB) has recently responded to Auditor General Dr. Nancy Gathungu’s report which showed that some customers received Hustler loans without Identification Cards noting that the problem was caused by technical hitch during transition. Through a statement from the bank Managing Director Mrs Annastacia Kimtai, KCB indicated that the auditor had shared…

No coin of Hustler Fund has been lost, CS Chelugui says

Sacco ReviewJuly 9, 202406 mins

Cabinet Secretary Ministry of Cooperatives and MSME Development Simon Chelugui has maintained that no money has been lost from Financial Hustler Fund. The CS who issued a press statement on Tuesday July 9 said the Ministry has all documentation in connecting with the loans issued through Hustler Fund. Auditor General Dr Nancy Gathungu had issued…

State allocates KSh5 billion to Hustler Fund in 2024-2025 budget

Sacco ReviewMay 6, 202402 mins

The State has allocated KSh5 billion for the Hustler Fund in the 2024/2025 budget. The fund, managed by the Cooperatives department is aimed at providing cheap mobile loans to Kenyans. In the present financial year, the Government had allocated KSh10 billion towards the same but it was trimmed in the first supplementary budget. READ ALSO:…

Hustler Fund to increase loan limits for loyal borrowers

Sacco ReviewNovember 30, 2023November 30, 202303 mins

President William Ruto has announced that the loan limit for committed Kenyans patronizing the Hustler Fund scheme will be increased. Speaking during the first anniversary celebrations of the Fund, the President said that the limits will be adjusted based on the frequency of borrowing. “Those who have borrowed 10 times will see their limits increase…

Residents urged to form Saccos for economic growth

Sacco ReviewSeptember 29, 2023October 7, 202302 mins

Residents of Nyanza region have been urged to form Savings and Credit Cooperative Societies to help them grow and have sustainable development. ICT and Digital Economy Cabinet Secretary Eliud Owalo said a Sacco will provide means for residents to invest and grow economically. Speaking to members of various women groups in Migori County during an…

Worry as Hustler Fund loan defaults hit Ksh2.9B

Sacco ReviewAugust 23, 2023August 24, 202304 mins

The president’s advisor on matters of financial inclusion Moses Banda has revealed that Hustler Fund loan defaults has already hit Ksh2.9 billion. This figure has surpassed the default books held at commercial banks, Saccos and microfinance banks combined. Speaking during a recent interview, Banda revealed that the high defaults represent 29 per cent of the…

Chelugui: How second phase of Hustler Fund works

Sacco ReviewAugust 17, 2023August 17, 202303 mins

Co-operatives and Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui has explained how groups and chamas can apply for the second phase of the Hustler Fund loan. The Group Micro Enterprise Loan products allow members to apply for loans ranging between Ksh20, 000 to Ksh1 million based on the average credit score of each…

Sakaja roots for a hustler Sacco

Sacco ReviewJune 15, 2023June 15, 202302 mins

Nairobi county Governor Johnson Sakaja has said his administration is currently reviewing the County Cooperative Act to incorporate a hustler Sacco that will bring on board all small scale traders in Nairobi. “We are reviewing our policy so that we can have the first hustler Sacco in Nairobi County so that small scale traders, hawkers and hustlers can…

High uptake of Hustler Fund loans a threat to Saccos, banks

Sacco ReviewJune 9, 2023June 9, 202304 mins

The enthusiasm by small rural based enterprises in Embu County in embracing the group based Hustlers’ Fund loans is bound to give stiff competition to Saccos and banks for customers, former Commissioner of Cooperatives Geoffrey Njang’ombe has warned. The launch of the second phase of the Hustler Fund will see registered groups qualified for loans…