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Nov 30, 2022 • 4 tweets • 3 min read
@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.
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
Nov 30, 2022 • 7 tweets • 4 min read
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
/1 #Money254 #HustlerFund
A Bodaboda guy gets Ksh200k; 100k each from MP Kimani Ichungwa and CS Kipchumba Murkomen to get himself a brand new boda.
/2 #Money254 #HustlerFund
Nov 30, 2022 • 11 tweets • 6 min read
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.
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