‘Except for the deceased, we will collect the money,’ Tanui says on Hustler Fund loans

Speaking on loan recoveries, Tanui said the facility is tied to the borrower’s national ID regardless of the SIM card used, adding that the fund can trace defaulters.

“The young people who borrowed and thought they can disappear, they can’t because their IDs are linked to the loans,” he said.

Tanui added that the fund is determined to recover the loans.

“Except for those who have passed on, we will collect the money,” he said.

Tanui said Ksh83 billion had been borrowed up to Wednesday, with Ksh71 billion repaid and Ksh5.3 billion saved. He added that the fund’s default rate stands at 15 per cent.

He also said Nairobi leads in the number of people borrowing, followed by Kiambu County.

Responding to a question by North Imenti MP Rahim Dawood on whether defaulters would be arrested, Tanui said the fund would not use harsh debt recovery methods.

“We will not behave like shylocks. We will not come to pick your items if you default,” he said, adding that the fund would instead conduct sensitisation on the need to repay.