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Friday, August 23, 2024 – Cooperative Cabinet Secretary Wycliffe Oparanya has announced a plan to start tracking down all Hustler loan defaulters.
In an announcement made today Friday August 23, the former governor now minister in William Ruto government stated that a lot of money had been lost in the empowerment programme after many young men ran away with cash.
And to ensure that this cash is recovered and made useful elsewhere, Oparanya has announced that his ministry is putting together a robust efficient plan on how to make recoveries.
“Government has ramped up efforts to track Hustler Fund defaulters who took a total of Sh 19 million as loans,” Oparanya said, today.
The Hustler Fund Group loan product is the new, innovative product under the Financial Inclusion Fund commonly known as the Hustler Fund. This a revolutionary and transformational Fund was aimed to provide an access to responsible finance and low interest rates for personal, micro, small, and medium-sized enterprises (MSMEs) in Kenya.
The group loan product targeted groups registered by the Micro and Small Enterprises Authority (MSEA) such as chamas, associations and Saccos etc.
It was aimed at bridging the gap between these entrepreneurs and access to capital, and help fuel economic growth through collective-driven competitive market enterprise.
