800,000 Kenyans default on hustler fund.

[Githunguri]

• Tweet

https://allafrica.com/stories/202302030459.html

[Githunguri]

Since its launch on December 1, the fund has disbursed Sh17 billion to a total of 15 million Kenyans, who have since saved up to Sh850 million.

[Githunguri]

1) Two months after it's launch,we have a 5.3% default rate...What about on an annual basis?30%.

2) We need a forensic audit of the entire list of borrowers and defaulters.Otherwise some people may be stealing public funds in billions of Shillings in the name of defaulters.That is why changes at safaricom to should be look at suspiciously .

[gout]

That is amazing performance. I thought baba cows would make it 20+% default.

The 5% will be punished as the others are rewarded by doubling limits.

[patel]

Default should be recorded as non payment of 3 consecutive billing cycles. This is missed payments for now...nothing to see here. Agreed this should be used to weed out jokers then in few months keep increasing credit facility to those who are responsible and meeting payment obligations.

[kwesta]

A lot of the defaulters will come back and clear it when they see their colleagues limits being increased.
I guess hustler backed Saccos will also keep them at length.

It's modelled along the Bangladeshi Nobel prize winning Grameen.

[sema]

It's modelled along the Bangladeshi Nobel prize winning Grameen.

In what ways is it like Grameen? Also 500 is $5 dollars. What can you do with such a little amount of money?