Monday, November 14, 2022 – Hustlers are no longer interested in President William Ruto’s Hustler Fund set to be launched on December 1 anymore.
This was revealed by Nyamira Senator Okong’o Omogeni who termed the hustler fund as unattractive and unfriendly to the youths.
Speaking during an interview, the Azimio legislator decried the high-interest cap on the fund suggesting that many Kenyans are shying away for fear of being auctioned in case of default on payment.
“People fear loans, and when the government comes up with loans at 10% they will tell you they don’t want that money, what Mwananchi was expecting was a government fund with an interest of maybe not more than 3%, but this one of 10% is very unattractive,”
His sentiments were echoed by Kamukunji Member of Parliament Yussuf Hassan who intimated that the hustler fund is just like another bank loan at a 10% interest rate beyond the reach of poor people.
“At the beginning when it came up in public rallies, it was a brand, a grant to uplift poor people access to credit, and the biggest obstacle facing the poor hustler is access to capital, now what we have is another bank loan at 10% beyond the reach of any ordinary person, he stated.
Ruto has set the record straight on the Hustler Fund that he promised during his presidential campaigns.
Those seeking to benefit through the Ksh50 billion annual kitty ought to have joined cooperative groups, which will act as their guarantors.
On Friday, the Treasury published proposed regulations to pave the way for the operationalisation of the much-anticipated Hustler Fund.
Treasury outlined four offences that will see Kenyans fined up to Ksh10 million or an alternative jail term of five years.
One of the offences includes misappropriation of the funds and its assets that will be officially referred to as the Financial Inclusion Fund.
.jpg)
0 Comments