All systems go for Hustler Fund launch

Kenya Kwanza's signature pledge, the Hustler Fund, will be launched on Wednesday after receiving a nod from Cabinet.

The fund is set to give eight million Kenyans a second chance to access credit at the lowest interest rate.

It will offer much-needed relief and a new lease of life to millions of Kenyans who could not access credit after having been blacklisted by various credit rating agencies, by offering them loans from as minimum as Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.

Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui said all is set for the roll out, with selected Kenyans set to receive money during the trial phase.

Under the funds regulations, the Ksh.50 billion kitty will be managed by a board comprising of;

A non-Executive Chairperson appointed by the President

The Principal Secretary to the National Treasury or their representative

The Principal Secretary of the State Department responsible for Micro, Small and Medium Enterprises or their representative

The Principal Secretary of the State Department for matters relating to Trade or their representative

Two other persons, not being public officers who shall be appointed by the Cabinet Secretary

 The administrator of the fund who shall be the Secretary of the board and ex-officio member.