Government Protests 19 Million Kenyans Who Took Hustler Fund Loans: “They Disappeared”

• Cooperative Societies Minister Wycliffe Oparanya has noted that Hustler Fund's debt recovery has been at its worst since the government facility was launched
• The minister noted that more than 19 million Kenyans had not yet paid their loans, hinting at steps to claim the money
• Oparanya revealed that a digital system will be developed to control borrowers and defaulters

Nairobi – The national government intends to track millions of Kenyans who have not yet paid off their loans from Hustler Fund.

Minister of Cooperative Societies and MSME Development Wycliffe Oparanya he observed that more than 19 million Kenyans had violated government services.

A digital fund launched in 2022 by the President William Ruto aimed to improve access to responsible financing for individuals, small and medium enterprises in Kenya.

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Kenyans would get loans of up to KSh 1 million with interest of 7% per annum on the basis of reducing the balance.

How many Kenyans borrowed from Hustler Fund?

Since the inception of the project, 21 million Kenyans have applied for loans, but according to the Prime Minister, only 2 million have paid.

“Hustler Fund was a very innovative, digital project, but the problem we had was that in the first round, 21 million people took money. Out of 21 million, 19 million disappeared with the money. Only two million people are borrowing once for once,” said Oparanya.

He saw that Hustler Fund's debt recovery was in the worst condition, hence the need for government intervention.

The minister was speaking during the launch of the Annual SME Conference, Awards and Exhibition in the city Nairobi.

“These are public funds that should be borrowed and repaid so that other people can benefit from them. For those 19 million, I am coming for you to make sure you pay so that others can benefit,” he said.

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How those who violate the Hustler Fund debt will be arrested

Moving forward, Oparanya said, the government will devise a method to monitor digital borrowers and search for them in their areas in case they fail to pay.

“We are coming with a system that will now track you and know where you are. You will see someone knocking on your door,” CS added.

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Source: TUKO.co.ke