@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.

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
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It's time for the Hustler fund! Some early Christmas gifts have also arrived, for some hustlers who made a killing at the launch today. Here's what went down on some of the biggest reaps...

Thread
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#Money254
#HustlerFund A Bodaboda guy gets Ksh200k; 100k each from MP Kimani Ichungwa and CS Kipchumba Murkomen to get himself a brand new boda.

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#Money254
#HustlerFund

HUSTLER FUND FOOD FOR THOUGHT:
If all 50bn went to the 14-day loan at 8% p.a, the Fund would need to achieve a 99.7% repayment rate on each 14-day cycle to stay afloat.

If it only achieves 75% repayment rate, 90% of its money would be lost within 4 months.

Let’s dive in 🧵
1/ We’ve heard that the Hustler Fund plans a direct to consumer product that will be offered at 8% per annum at 14 days.

That means a 0.31% effective interest rate on each 14 day loan - the 14 day’s share of the 8% yearly interest rate.

#Money254
#HustlerFund

2/

Happening Now: Hustler Fund Launch at the Green Park Terminus in Nairobi. The fund, a core campaign promise of the Kenya Kwanza administration has a seed capital of Ksh50 billion

#Money254
#HustlerFundLaunch The hustler fund is structured into four loan products.
1. Personal Finance
2. Micro Loans
3. SME Loans
4. Startup Loans

#Money254
#HustlerFundLaunch

money254.co.ke/post/what-we-k…