Hustler Fund Terms and conditions: The Kenyan government has capped the Hustler Fund at Ksh.50,000 with the kitty expected to be rolled out this December.
The funds will attract an interest fee of 8 percent for each loan taken. The minimum amount one can take is Ksh.500.
It is a Ksh.50 billion program which President William Ruto expects to use in his five-year tenure under the Bottom-Up economic model.
“The implementation of the Administration’s signature pledge is tipped to liberate the people of Kenya from the bond of predatory lending,” said the State House in a statement.
National Treasury has already unveiled Hustler Fund terms and conditions that will govern the Hustler Fund under the Public Finance Management Act.
For an individual to qualify, he/she will be required to be above the age of 18 years and hold a Kenyan identification card.
Hustler Fund Terms and conditions also outline that one will have to be a member of Micro, Small, and Medium Enterprises (MSMEs), SACCO societies, Chama and table banking groups, or any other registered association.
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Misappropriate Hustlers Fund
The Board of the Financial Inclusion Fund will have the power to set conditions for access and rates for borrowers using a credit scoring framework.
This is expected to reveal the profile of borrowers the Kenya Kwanza government is targeting.
Other functions of the board will be to develop policies to guide savings for borrowers, the eligibility criteria, online application procedure, approval, disbursement, and repayment of loans.
“Any person who intends to take a personal loan, start a business or is in a business whose turnover does not exceed Sh100 million will be eligible to borrow from the Fund,” part of the regulations says.
The proposed regulations, which are subject to public participation before becoming law, provide that those found guilty of offenses related to misappropriation of the Fund will be liable to an Sh10 million fine or a prison term of five years.
Borrowers who fail to give information or falsify information while applying for the funds will face the same penalties.
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