What You Need To Know About The ‘Hustler Fund’

NAIROBI, Kenya, Nov 12 – Treasury Cabinet Secretary (CS) Prof. Njuguna Ndung’u has released regulations for the Sh50 billion ‘Hustler Fund’ which will be launched on December 1.

According to the regulations the funds will be distributed through banks and other financial institutions.

The financial institutions may apply for the loans for distribution but may be needed to match the amount borrowed with their own capital.

Individuals, groups or Micro, Small and Medium Enterprises (MSME’s). may apply for the loans.

The source of the money will be: as appropriated by the National Assembly, interest and other charges such as penalties, income from investments made by the Fund, grants, donations, bequests or other gifts made to the Fund and money from any other source approved by the Treasury CS.

The fund will be managed by an Advisory Board consisting of a non-executive Chairperson appointed by the President, Principal Secretary to the National Treasury and the State Department for MSME’s and Trade or their representatives, the Attorney-General or his representative and two other persons, not being public officers, who shall be appointed by the Cabinet Secretary for responsible for matters relating to MSME’s.

The fund shall have a Chief Executive Officer and will be Administrated by the Secretary of the Board and an ex-officio member. The board may also invite any other person to attend their meetings but will have no right to vote.

The board shall serve for a three-term but will be eligible for reappointment for one further term for a maximum of two terms. The quorum for meetings shall be a simple majority and the fund shall be audited by the Auditor General.

For an individual to qualify for the fund they will be Kenyan, 18 years old, or meet any other conditions as set by the board.

For MSME’s, Sacco’s and other financial groups the members must be 18 years old, registered by the government or the relevant institution and meet any criteria as determined by the board.

Once taken, if a person misappropriates the fund, gives false information when making their application, leaks information about the boards’ activities, will have committed a crime and shall be liable to a fine not exceeding ten million shillings or a term of imprisonment not exceeding five years, or to both.