Thursday, July 11, 2024 – The Government of President William Ruto has changed how to access the scandalous Hustler Fund.
In a statement, Cooperatives and MSMEs Cabinet Secretary Simon Chelugui announced that Kenyans will now be able to access Hustler Fund services through the eCitizen platform.
This integration is expected to streamline service delivery and improve recovery measures for the fund.
The integration with eCitizen is expected to not only improve access but also address some of the challenges related to loan recovery.
Chelugui highlighted the modest yet effective recovery actions taken by the government compared to other digital lenders.
"Our recovery measures and actions are modest relative to what other digital lenders are doing.
"We are also dealing with issues of collateral; the majority of those digital borrowers had been blacklisted two years ago. We have been able to rehabilitate approximately 8 million of them through the Hustler Fund," he stated.
He emphasized the broader impact of these efforts, noting that, "Other than just sustaining the fund; we are responsible for bringing these 8 million Kenyans on board. Imagine an economy where 8 million of us are closed out."
The CS further revealed that the Hustler Fund has brought 22 million Kenyans into the financial system, many of whom never had accounts or any financial relationship with lenders before.
"We have 22 million on board because of the relaxed eligibility requirements and the recovery measures. That does not mean we are not keen on recovering the money, these are taxpayers' money," he explained.
This comes despite the recent audit revealing a big scandal in the Hustler Fund where billions have been lost and no one can explain it.
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