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Why some Kenyans are not excited about Sh50 billion Hustler Fund

By Winnie Mabel December 1st, 2022 2 min read

The Sh50 billion Hustlers Fund kitty, which was launched on Wednesday by President William Ruto, is meant to finance Kenyans at the lowest level of the economic pyramid with capital to start businesses that will earn them a livelihood.

The loan amount that can be advanced is between Sh500 and Sh50,000. Further, getting the amount is dependent on the borrower’s credit score, such that individuals with poor credit scores will be charged higher interest, plus possible penalties.

While many Kenyans welcomed the launch of the fund that especially targets low income earners, others cast doubt on the effectiveness of the fund. There are those who wondered how different this fund will be from mobile money credit lending facilities.

“How does the Hustlers Fund differ from Uwezo Fund, Women Enterprise Fund, Youth Enterprise Fund? Why not reforms and consolidate these funds into one? Or President Ruto just wants to be said to have also created a fund, to be looted like those others but without difference,” said MP Peter Kaluma.

Also read: How to determine your own Hustler Fund loan amount

“Who has the Hustler Fund loan app to send me? I want to see if their shylocks will harass me for borrowing my own taxpayers money,” said Gabriel Oguda.

“This Hustler Fund. We all knew that it will give us opportunity to start a small business. Now my question, which business can I start with this Sh500?” asked comedian DJ Shiti.

“Someone needs to do a thesis on how hustlers will manage to repay the Hustler Fund within 14 days because even my beloved Fuliza doesn’t work that way,” said Omwamba.

Also read: Give us a break! DP Gachagua tells off Hustlers Fund critics

“Similar to HELB loan, comrades will confidently take the Hustler Fund and default,” added Rodgers Kipembe Mburu.

“That Hustler Fund is just another Fuliza that has gone to a group of school,” said Juddah.

“The Fund will operate like Fuliza,” Ja Loka said.

Nairobi News has previously reported that the consequences of not repaying the loan at the end of 14 days, the interest rate on the loan will increase to 9.5 per cent and the dire consequence when one fails to repay, the borrower will face a jail term if they refuse to repay within six months.

Also read: What happens if you don’t repay the Hustler’s fund?