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Hustler Fund Board to be unveiled next week

The Cabinet Secretary for Cooperatives and Micro and Small Enterprise Simon Chelugui has said the Hustler Fund Board will be unveiled next week to enhance the operationalization of the fund.

Speaking at the sidelines of the Cabinet retreat at Mt Kenya Safari Club in Nyeri County, Chelugui said names of those proposed for the board have already been forwarded to the relevant state agencies for background checks and approval.

“Part of my responsibility is to carry out a diligent assessment of each name. I have sent the names to the agencies involved and I believe we will be able to gazette the names next week,” Chelugui said.

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The CS also said the fund was rolling out smoothly, noting that plans for the launch of the second phase of Hustler Fund will be better than the first one.

The product, designed for MSMEs, sacco, chamas and startups, will be launched next month. It will offer a higher loan ranging from Sh100,000 to Sh2.5 million.

At the same time, some Sh13.1 billion has been disbursed through the fund according to data released by the CS on Friday morning.

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Out of this, Sh5.6 billion has been repaid, translating to 42 per cent. Borrowers have collectively saved Sh659 million since the personal finance product was launched five weeks ago.

“We’ve touched more than 17.7 million Kenyans,” Chelugui said, adding that NSSF has been incorporated to help in the management of the fund, particularly the saving aspect.

“We’re putting in place all legal instruments to ensure the safety and growth of the fund,” he said.

Chelugui, also defended the establishment of the Hustler Fund saying it is anchored in law.

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