Babu Owino: Sh500 from Hustler Fund can only buy ‘mayai boiro’
Embakasi East Member of Parliament Babu Owino has thrown shade at President William Ruto’s Hustler Fund saying the monies being disbursed are not enough to help Kenyans start businesses.
According to the legislator, the Sh500 being given as a loan can only buy a packet of condoms. To help Kenyans, Mr Owino suggested that the money should be issues interest-free.
“Hustlers fund should be a grant and not a loan, this idea of giving Sh500, which is the price of a condom… what are you trying to tell us? Which business can you do with Sh500, nothing?” Mr Owino said.
“What business can 500 shillings start apart from buying a condom and mayai boiro? Hustler fund is a fraud meant to expropriate and pilfer money from Kenyans in form of interest,” he said.
President Ruto launched the Hustler Fund on Wednesday in Nairobi and within just 12 hours a total of Sh408 million had been disbursed.
Cooperatives and MSMEs Cabinet Secretary Simon Chelugui on Thursday said 1.14 million Kenyans have fully registered with the kitty designed to boost small-scale traders.
To be eligible, one must be at least 18 years old, have a national ID card, a registered SIM card and mobile money account with Safaricom, Airtel or Telkom.
Further, their lines must have been in use for at least 90 days. This means that if you buy a new SIM card today and register it solely for the purpose of getting the loan, you will not be eligible.
To borrow, an individual is required to dial *254# from any of the three mobile phone network providers. They can also use the mobile applications of the three telcos to apply for the loan.
President Ruto launched the personal finance product, which is among the four loan products provided by the Hustler Fund. The others – microloans, small and medium-sized enterprises (SMEs) loans and start-up loans – will be launched at a later date.