President William Ruto on Saturday commended Kenyans for maximising the Hustler Fund to borrow loans and repay them on time.....CLICK HERE TO READ THE FULL ARTICLE>>>
The Head of State who addressed attendees during Cabinet Secretary Wycliffe Oparanya’s homecoming in Kakamega, revealed that 80 per cent of the borrowers had successfully repaid their loans.
Following the Fund’s performance, Ruto disclosed the government’s intention to inject a further Ksh3 billion to motivate Kenyans and attract more borrowers.
The president during his speech expressed confidence in Oparanya’s ability to steer the Hustler Fund towards the right direction including putting in place the right policies to allow for more borrowing through increased loan limits.
“Fifty thousand Kenyans wake up every morning to borrow more from the Hustler Fund. That is the programme you are going to learn,” Ruto told the congregation.
“So far they have borrowed Ksh52 billion and these people are very good because they repay it. 80 per cent have repaid but there are a few who are yet to repay,” he added.
However, the president noted the government would similarly find a way to deal with defaulters.
“CS, I have allocated an additional Ksh3 billion to the Hustler Fund and I have already released Ksh1 billion to the State Department responsible for managing the Fund,” the Head of State revealed.
Ruto’s statement comes a day after CS Oparanya issued a stern warning to Hustler Fund defaulters. Oparanya disclosed the government’s intention to track all Hustler Fund defaulters.
The CS who spoke during the Kenya Private Sector Alliance (KEPSEA) Annual Conference, stated that out of the 21 million borrowers, 19 million of them had defaulted. This effectively pegs the default rate at 90.48 per cent.
“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 disclosed.
“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.”
President Ruto’s comments come amidst concerns about high default rates among borrowers that threaten the Fund’s sustainability.
Late last year, the National Treasury revealed that the number of defaulters stood at 9.9 million people which it noted was 27 per cent of the total borrowers…CONTINUE READING>>
