Co-operatives and MSMEs Development Cabinet Secretary Wycliffe Oparanya has urged Kenyans who borrowed from the Hustler Fund to repay their loans, emphasizing that the initiative is not a grant, but a revolving fund aimed at empowering small business ventures.
Speaking during a meeting with Senators, Oparanya clarified that although he initially had doubts about the fund’s sustainability, he now fully supports it, terming it a transformative programme capable of improving the livelihoods of millions. He stressed that repayment is crucial for the continuity and effectiveness of the fund.
“I wish to clarify that at no point was the Hustler Fund intended to be a grant,” Oparanya stated. “I now firmly believe that the Hustler Fund is a commendable initiative with the potential to positively impact the lives of many Kenyans.”
The CS expressed concern over the high rate of default, attributing it to a common post-election perception that such government initiatives are rewards. He disclosed that out of 20 million borrowers, only 2 million have shown responsible repayment behavior.
To incentivize compliance, the government has introduced a bridging loan for consistent borrowers, allowing them to access up to Ksh150,000. Oparanya appealed to all beneficiaries to honour their obligations to safeguard the fund’s sustainability and reach.
Written By Rodney Mbua
