@ngkinuthia we’ve been wondering so too as reporting has been a little ambiguous. What we know - as reported by Nation this morning, Cabinet confirmed a daily interest of “0.002%“, which would indicate 8% p.a. is correct.
Note: Decimal error, 8% / 365 is actually 0.02% per day.
Note: Decimal error, 8% / 365 is actually 0.02% per day.
https://twitter.com/ngkinuthia/status/1597957332192833537
If the #HustlerFund loan was 8% per 14 day loan and not per annum, it would be more expensive than:
Timiza (~7% for 30 days)
KCB Mpesa (~8.6% for 30 days)
Mshwari (~9% for 30 days)
. . .
#HustleFund
/2
Timiza (~7% for 30 days)
KCB Mpesa (~8.6% for 30 days)
Mshwari (~9% for 30 days)
. . .
#HustleFund
/2
…and not far off from the maximum interest rate for Branch and Tala, who charge a maximum monthly interest rate of 17.6% and 19% for 30 days respectively.
money254.co.ke/loans/personal…
#HustleFund
/3
money254.co.ke/loans/personal…
#HustleFund
/3
For fun - if they do charge 8% per loan instead of per annum for the #HustlerFund, GoK still needs 9 in 10 borrowers to repay to keep the fund floating. High task when the Uweza Fund only had a repayment rate of 40%
#HustleFund
/4
#HustleFund
/4
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