Cooperatives Cabinet Secretary Wycliffe Oparanya on Friday disclosed the government’s intention to track all hustler fund defaulters.....CLICK HERE TO READ THE FULL ARTICLE>>>
Oparanya, while addressing delegates during the Kenya Private Sector Alliance (KEPSEA) annual conference, revealed that a total of 19 million out of the 21 million Kenyans who borrowed the hustler fund defaulted on the loan.
According to the CS, the hustler fund was public money which should be borrowed and repaid to allow other applicants to also benefit from it.
“This alert fund was very innovative and digital but the problem we have had with hustler fund is that in the first round, 21 million people borrowed it but out of that, 19 million people disappeared with the money and only 2 million are remaining,” Oparanya revealed.
The CS revealed that the government was in the process of coming up with a digital system for tracking the location of the Fund defaulters.
“So those 19 million people, I am coming for you to make sure that you pay so that others can benefit and even yourselves can benefit,” Oparanya stated.
“We are coming up with a system that will now track you to know where you are, you will soon see someone knocking on your door telling you to pay back the hustler fund.”
Similarly, CS Oparanya disclosed that the government was planning to reward all regular borrowers who had not yet defaulted on the loan.
According to the former Governor, there were Kenyans who had already been rewarded with a loan limit of up to two million shillings for borrowing regularly.
“As the government does its bit, you must also do the same. Make sure that when you borrow, you create a conducive environment for you to do business,” the CS stated.
In July this year, the government revealed it had so far disbursed Ksh54 billion to borrowers with the number of repeat borrowers exceeding 8 million people.
While issuing the update, Moses Banda, an adviser at the Presidential Economic Transformation Secretariat further noted that 23.4 million Kenyans borrowed in 20 months with Ksh3 billion savings mobilised…CONTINUE READING>>
