Kenya: Hustler Fund Loan Defaulters Will Not Be Penalized Sh10 Million - CS Chelugui

18 November 2022
Capital FM (Nairobi)
By Kevin Rotich

Nairobi — Co-operatives & Micro, Small and Medium Enterprises (MSMEs) Cabinet Secretary Simon Chelugui has refuted claims Hustler Fund defaulters will be fined up to Sh10 million.

Instead, CS Chelugui said that fund officials misappropriating the fund will be prosecuted.

He also says individuals found creating fake websites, links and mislead the members of the public will be charged.

"We have seen media reports claiming that loan defaulters will be fined up to Sh10 million. There is no such a thing," CS Chelugui said.

"The penalties outlined in the regulations which is the normal BFM regulations target funds officials who may embezzle or misappropriate the funds."

Hustler Fund seek to offer single-digit interest rate loan facilities to small businesses such as "mama mbogas", boda bodas, among others.

The Sh50 billion fund is part of President goal of uplifting small and medium-sized enterprises (SMEs) through "Bottom-up" approach.

Last month, President William Ruto said plans were underway to operationalize the fund by December 1 2022.

Read the original article on Capital FM.

Tagged:
Copyright © 2022 Capital FM. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.