Treasury begins collecting public views on Hustler Fund legislation draft

The National Treasury has started holding public town hall meetings to get feedback on creating the Financial Inclusion Fund, often known as the Hustler Fund, in compliance with the Constitution.

Meru County Commander, in a letter to Meru residents, urged them to provide comments on the Hustler Fund’s proposed legislation.

According to the invitation viewed by NTV digital, submissions are to be made in person at Meru Teachers College today, November 14, beginning at 9.30 a.m.

“In compliance with the Constitution, the Public Finance Management Act, 2012, and the Statutory Instruments Act, 2013 on public participation, the National Treasury has organized physical regional Town Hall meetings to receive from members of the public any comments or inputs or memoranda they may have on the said Regulations,” read the letter in part.

Last week, the National Treasury Cabinet Secretary Njoroge Ndung’u released the Hustler Fund legislation draft that among other things indicated how the government will distribute the KES 50 billion in form of loans.

“A financial intermediary may apply for a loan from the Fund for on-lending to a business person or micro, small and medium enterprises,” reads part of the draft regulations.”

“A financial intermediary that is entering into a lending agreement with the Fund under regulation 17 may provide matching funds of at least the amount as may be determined by the Board.”

According to Ndung’u, financial intermediaries may apply for Hustler Fund loans and then lend them to entrepreneurs or Micro, Small, and Medium Enterprises (MSMEs).

Individuals must be over the age of 18 and have a Kenyan identification card to qualify for loans from the fund.

Meanwhile, MSMEs, Saccos, Chama, organisations, and any other associations will be required to have all of their members be over the age of 18 and officially registered in order to qualify for Hustler loans.

According to the regulations, the funds will come from the following sources: funds authorised by the National Assembly, revenue created from the Fund’s earnings in the form of interest and other charges such as fines, and income from investments made by the Fund.

It will also come from grants, contributions, bequests, or other gifts made to the Fund, as well as funds from any other source recognised by the Cabinet Secretary.

These funds will be handled by an Advisory Board comprised of a non-executive Chairperson nominated by the President, the Principal Secretary to the National Treasury or his authorised representative in writing, and the Principal Secretary of the State Department for MSMEs or their representation.

The Kenya Kwanza government is racing against time to meet President William Ruto’s December 1 promise of rolling out the fund.

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