BusinessNews

Nyeri leads counties with highest repayment of hustler loans at 76%

Nyeri tops the list of counties with highest loan repayment, five months after we launched the Hustler Fund—Personal Product.

In a statement issued by Cabinet Secretary Simon Chelugui, Nyeri leads with 76.3 percent followed by Kiambu at 75.3 percent while Nyandarua takes the third position with 74.5 percent.

The CS said Nairobi which leads in terms of subscribers at 2 million, takes the fourth place with a repayment rate of 73.8 percent.

Other counties in the top ten include Laikipia (73.6 percent), Nandi (73.5 percent), Muranga (73.3 percent), Embu (73.1 percent), Uasin Gishu (73.1 percent) and Nakuru (72.9 percent).

Nationally, the repayment rate stands at 69 percent. We’re building a very good story backed by data and I am particularly impressed by the positive attitude shown by majority of the beneficiaries and Kenyans in general.

In terms of age, the youth who fall between 18-29 years leads the chart of borrowers with 38.5 percent followed those between 30-39 who control 28.8 percent. People aged between 40-49 percent have so far recorded 17.5 percent borrowing rate.

And, in terms of gender, more men borrow Hustler Fund compared to women at 66 percent and 34 percent respectively.

So far, Sh31.5 billion has been disbursed while loan repayment stands at Sh21.2 billion. The savings account now stands at Sh1.5 billion.

The number of Kenyans who have registered with the fund now stands at 20 million while 7.1 million have borrowed from the kitty and repaid more than once.

While more Kenyans use Mulika Mwizi (55 percent) than the smart phone (45 percent) in the personal product.

However, more Kenyans use the smart phone when it comes to the group product which was launched H.E President William Ruto on Madaraka Day.

In the group product, 56 percent of subscribers used the smart phone to access the facility while 44 percent used Mulika Mwizi.

So far, a total 170, 376 groups have been launched and about Sh20 million disbursed.

Nairobi leads the list of counties with the highest registered groups, 10, 957 followed by Trans Nzoia which boasts of 9,792 groups. Meru stands at number three with 9, 647 groups.

Other counties in the top ten include: Nakuru, Kiambu, Bomet, Nandi, Uasin Gishu, Narok and Kisii.

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