Treasury Cabinet Secretary Njuguna Ndung’u has published regulations that will govern the KES 50 billion Hustler’s Fund under the Public Finance Management Act.
According to the regulations, individuals must be older than 18 and possess a Kenyan identification card in order to be eligible for loans with interest rates in the single digits.
Additionally, they must belong to MSMEs, SACCO societies, Chama and table banking organizations, or any other registered association.
A Chief Executive Officer (CEO) will be responsible for overseeing and controlling the daily management of the Fund. The CEO will be required to open and maintain such bank accounts with the Board’s and the National Treasury’s approval.
The CEO of the Hustler Fund, who will be chosen by the Treasury CS, will also see to it that he sends a statement of accounts pertaining to the Fund and lists the expenses paid from the Fund each fiscal year to the Auditor-General.
“Prepare quarterly and annual financial and non-financial reports in a format prescribed by the Public Sector Accounting Standards Board and submit the same to the National Treasury with copies to the Controller of Budget and the Commission on Revenue Allocation,” the regulation indicated.
Treasury also listed four offenses for which Kenyans could face fines of up to Sh10 million or a five-year jail sentence instead.
Penalties will apply for offenses such as misappropriating funds, failing to provide information, or providing false information when applying for funds.
“Otherwise than for the purposes of these Regulations, commits an offence and shall be liable to a fine not exceeding ten million shillings or a term of imprisonment not exceeding five years, or to both,” read the regulations.
If the custodians of the funds reveal private information to anyone besides those who have been approved by the board, they could be subject to a fine or penalty.
“Having possession of, or control over, or access to, any documents, information, returns or forms and communicates anything contained therein to any person other than a person to whom he is authorized by the Board to communicate it; or otherwise than for the purposes of these Regulations,” the regulations stated.
The widely reported Fund is set to be launched on December 1, 2022.
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