How Kenyans are eagerly waiting for the Hustlers Fund
With the Hustlers Fund just days away from being operationalized, many Kenyans are eagerly waiting to be the first beneficiaries of the fund which was promised by President William Ruto during the campaigns.
On the streets of Nairobi, the residents, a majority of whom are business people, have already laid out plans as they wait for the fund.
This comes even as modalities of distribution of the fund continues to cause confusion, after the President said that the Hustlers Fund, which will be issued online, do not need a committee or a board.
Speaking to Nairobi News, taxi driver Duncan (not real name) said he is hopeful of receiving the fund and ploughing it into his business.
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“That money is enough for a low-earning person like me. It’s only those with white-collar jobs who don’t see the benefit of the fund. If I get the loan, it will be helpful for me,” Duncan said.
He said that once the fund has been operationalized, he would ensure that he gets the loan every month and repay on time.
“I’ll borrow the money and invest it in my business, and after settling the loan, I’ll take another one for different business and continue that way,” he said.
Similarly, Jackson Owino, a boda boda rider in Nairobi, is looking forward to receiving the loan.
“As you can see, I’m yet to fully own this motorbike because I took it on loan. I pay Sh500 daily, so whenever business is bad I default and incur a penalty. The Hustlers Fund will help me to own my motorbike,” Mr Owino said.
Those who spoke to Nairobi News also said the Hustlers Fund’s interest rate is friendly.
The Hustlers Fund, according to Cooperatives and MSMEs Cabinet Secretary Simon Chelugui, will not heavily fine defaulters, but rather penalties in the regulations will target the fund officials who may misappropriate the funds. The Sh50 billion annual fund will support micro, small and medium, enterprises (MSMEs).