Nairobi News

Kilimili MP Didmus Barasa has been on the receiving end of Kenyans on Twitter (KOT) after illustrating how hustlers could benefit from President Ruto’s Hustler Fund.

In his tweets, the controversial lawmaker shared, “Say you are given Sh 50,000 by Hustler Fund. You can put down Sh 30,000 as a deposit for your bodaboda. You can use the Sh 20, 000 as capital for wife’s mboga business. This is how you will move from lottery (Kubahatisha) economy.”

He continued, “Let’s say you make Sh 700 per Day (21,000 per month) and wife makes Sh. 9,000. You pay Sh 2,500 (to repay Hustler Fund in 24 Months), Sh 5000 for the bike (to repay in 20 Months), Sh 4,500 for mortgage (Rent to own 1 bedroom house), Sh 500 for NHIF and Sh. 500 for NSSF (total Sh 6,000 per year, topped up by Sh. 3000 by Government for your retire).

Let’s say Sh 10,000 goes to basic needs, you will still be left with Sh 7,000 to save & spare! At the end of the day, Sh 50,000.”

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HOW HUSTLER FUND WILL CHANGE LIVES….

Say you are given Ksh. 50,000 by Hustler Fund. You can put down Ksh. 30,000 as a Deposit for your Bodaboda. You can use the Ksh. 20, 000 as Capital for Wife's Mboga Business. This is how you will move from Lottery (Kubahatisha) economy:

— Hon Didmus Barasa, MP Kimilili (@DidmusWaBarasa) November 2, 2022

However, Kenyans on Twitter (KOT) shed light on his bodaboda ‘changing lives’ demonstration telling him it was not possible to reap ‘benefits’ from such ’empowerment.’

Here are some of the comments;

It's painful to have leaders who think that owning a bodaboda is economic empowerment. https://t.co/N6dqrY0BoF

— Insagli (@insagli) November 2, 2022

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Walikuwa wapewe cheo ndio watuwache kwa bottom .
It's 2022. mtu asichukue hustler fund kununua nduthi au kufungua soko !

Didmus teach people better ways to make money https://t.co/Z9vQvisNyu

— The Audacity (@ok_itsMK) November 2, 2022

@elonmusk Kindly ensure we have a dislike button before implementing the pay policy for Blue badge holders. Thanks. https://t.co/1hvTDZA4zc

— Odhiambo Waore (@odhiambowaore) November 2, 2022

Come on.. Must it be a Boda Boda.

Why don't we encourage other forms of investments and businesses to our people.

Stop thinking Backwards. https://t.co/YFxjAa3cdA

— Scracher Kings 🇰🇪 (@Scracherkings) November 2, 2022

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Boda Boda is a stupid way of empowering anyone. Buying boda boda on credit is condemning young people to a perpetual circle of poverty.

— Robert ALAI (@RobertAlai) November 2, 2022

Bro that boda boda loan bikes are extremely shrinking the pockets of the owners,and you should know that whether you pay 100k as a cash deposit and someone pays 20k,at the end you two will pay the same amount of cash, furthermore the interest you pay is equivalent to another boda

— Lamela (@WonoJnr) November 2, 2022

How about the huge Interest that has been imposed on it Mhesh

— Aleper Cornelius (@CorneliusAleper) November 2, 2022

These maths don't add up…

— marc watts (@marcwatts05) November 2, 2022

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So everyone will have a motorbike and wife mama mboga? Hustlers fund needs to emancipate financial knowledge to recipients otherwise its a zero sum game

— Roberto 🇰🇪 (@robkinus) November 2, 2022

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Among his campaign promises, President William Ruto shared that his government shall have Hustler Fund, which is aimed at spurring reforms in financial lending, particularly to low- and middle-income Kenyans. The Sh50 billion annual fund would support micro, small, and medium enterprises (MSMEs).

This was made possible by providing loans to small firms such as motorcycle transport operators and women-owned ventures at single-digit interest rates without collateral.

“On December 1 we will launch the Hustler Fund and so it is up to you now to organise yourselves into Chamas, SACCOs, cooperatives or individually. It is not free money, it is business money that you will repay. We will eliminate shylocks and repayment will be at less than a 10% interest,” he said.

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