NAIROBI, KENYA — Co-operatives and Micro, Small, and Medium Enterprises (MSMEs) development Cabinet Secretary Wycliffe Oparanya has urged Kenyans who have accessed loans from the Hustler Fund to prioritize repayment.
Mr. Oparanya emphasized the Fund’s significance as a programme intended to empower Kenyans seeking to establish businesses.
While acknowledging his initial reservations, the Cabinet Secretary now views the initiative as advantageous and is encouraging beneficiaries to fulfill their repayment responsibilities to guarantee its long-term viability.
During a meeting with Senators, Mr. Oparanya stated, “I wish to clarify that at no point was the Hustler Fund intended to be a grant. Initially, I expressed concerns regarding its repayment. However, upon further assessment, I now firmly believe that the Hustler Fund is a commendable initiative with the potential to positively impact the lives of many Kenyans.”
He further implored, “I therefore urge all beneficiaries to honour their repayment obligations to ensure the sustainability of this important programme.”
Mr. Oparanya observed that the public often misinterprets post-election initiatives as gratuitous benefits, contributing to a significant number of loan defaults.
He disclosed that of the 20 million Kenyans who initially borrowed from the Fund, only 2 million have exhibited responsible borrowing habits.
“For these borrowers, we have introduced a bridging loan, allowing them to borrow up to Ksh150,000,” he clarified.
