NAIROBI, Keya, Nov 18 – Co-operatives and SMEs Development Cabinet Secretary Simon Chelugui says the Hustlers’ fund will require no registration for Kenyans to access it.
Speaking during a press conference, Chelugui said that an SMS short code that will take Kenyans to a certain menu, leading all the way to the application of the loan will instead be used.
While indicating that the same method will be used to pay back the loans, the CS indicated that the SMS Code was put in place to stop middlemen who deceive the hustlers.
“We wish to inform the public to disregard all forms of communication inviting them to register for the fund on website or phone numbers,” he said. “No registration is required and all that will be required is to dial a code, there will be no intermediaries, it will just be the hustler and his or her phone.”
Chelugui said that in order to deliver the monies, the Fund is collaborating with Safaricom, Airtel, and Telkom, three of the top mobile network operators.
“They are also setting up a joint center that will disseminate information and respond to issues and questions of borrowers,” he said.
The CS said that through the hustling fund, 5 percent of every amount borrowed will be put into a savings plan where the money will earn interest.
He stated that this will boost national savings up a joint and also provide those who borrow from hustler Fund some cushion for a rainy day.
“In addition, for every sh2 saved, the government adds sh1,” he added.
Chelugui has also refuted claims Hustler Fund defaulters will be fined up to Sh10 million.
Instead, the fund officials misappropriating the fund will be prosecuted.
He also says individuals found creating fake websites, links and misleading 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 are the normal BFM regulations target fund officials who may embezzle or misappropriate the funds.”
