Micro and Small Enterprise Authority (MSEA) Board Chair, James Mureu, has announced that the Hustler Fund, a groundbreaking initiative, has disbursed an impressive Sh35 billion to more than 21 million Kenyan citizens since its establishment.
Out of the disbursed amount, Sh25 billion has already been successfully repaid, signaling the program’s effectiveness in promoting responsible borrowing.
The fund’s unique approach to lending has resonated with Kenyans, as 7.5 million individuals have taken advantage of the opportunity to borrow multiple times.
Mureu attributed this high rate of repeat borrowers to the fund’s low-interest structure, highlighting the value it has brought as a dependable and accessible source of credit.
One of the fund’s significant achievements is its ability to provide credit to individuals who were previously excluded due to rigorous collateral requirements.
Mureu emphasized that the Hustler Fund has been pivotal in transforming the “unbanked” into creditworthy borrowers, as loans are now approved based on the borrower’s credit rating rather than traditional collateral.
Mureu articulated the core principle behind the Hustler Fund’s approach, stating, “Our motto is service your debt to improve the credit scoring for more money.”
This commitment-based strategy not only encourages responsible repayment but also facilitates higher credit limits over time.
Speaking at the Machakos University 2023 Innovation Trade Fair, Mureu addressed concerns about defaulting, reassuring the public that most Kenyan borrowers exhibit a strong repayment record.
He urged universities across Kenya to adapt their curricula to produce graduates equipped with skills tailored for both local and global markets.
Mureu underscored the potential for Kenya to leverage its youthful population, citing opportunities in countries with aging workforces.
He noted, “Countries like Italy and Holland have an aging workforce, while our country has a young, robust and enterprising community that is well trained. These services can be exported.”
Highlighting Kenya’s strides in the digital sphere, Mureu championed the country’s digital innovations, including the efficiency of the Hustler Fund in reaching a vast number of people seamlessly.
He encouraged a national focus on exporting these services, thereby enhancing Kenya’s reputation as a technology-driven economy.
In the same context, Machakos University Chancellor James Mweria shared the university’s vision of nurturing graduates who bring about socio-economic change in their communities.
The university’s Innovation Trade Fair serves as a platform to foster entrepreneurship among students and equip them with the skills to succeed in both local and international markets.
Mweria further emphasized that the trade fair’s role extends beyond showcasing innovations; it provides participants with essential market connections and trains them on effectively packaging their goods and services.
Ultimately, the event aligns with the broader goal of positioning graduates to be drivers of economic transformation in Kenya.
