By Alice Njeri
Cabinet Secretary (CS) for Cooperatives and Micro and Small Enterprise (MSMEs) Development Wycliffe Oparanya has urged all the Hustler Fund beneficiaries to honor their repayment obligations to ensure the sustainability of the crucial program.
“I urge all beneficiaries to honor their repayment obligations to ensure the sustainability of this important program,” said Oparanya.
The CS insisted on the commendability and effectivity of the initiative in it’s role in improving the lives of Kenyans all around the country.
“I now firmly believe that the Hustler Fund is a commendable initiative with the potential to positively impact the lives of many Kenyans,” stated Oparanya.
Oparanya also noted that in no way, was the Hustler Fund meant to be a grant hence Kenyans should do their due dilligence.
He assured members of the Parliament that they are working on a system to ensure that the Hustler fund money loaned to Kenyans will be recovered.
“I assure Members of Parliament that we are working on a system to ensure that the money will be recovered so that many Kenyans benefit from it,” added Oparanya.
According to the CS out of the twenty million Kenyans who borrowed the money during the initial process, only two million have returned the money, adding that they have been promoted to a higher borrowing loan limit which stands at one hundred and fifty thousand Kenyan shillings.
“We have introduced a bridging loan for the people who have proved to be good borrowers, which means a better loan limit for them to borrow upto one hundred and fifty thousand Kenya shillings,” noted Oparanya.
Hustler fund is a financial inclusion launched in 2022 under the Kenya Kwanza administration which aimed at offering a holistic financial solutions targeting middle class people in the country.