Oparanya urges Kenyans with Hustler Fund loans to repay

Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya has called on Kenyans who borrowed from the Hustler Fund to consider repaying their loans.

Oparanya stressed that the fund is a valuable initiative designed to support Kenyans keen to start businesses. While he acknowledged initial scepticism about the fund, he says he now views it as a beneficial programme and encourages borrowers to meet their repayment obligations to ensure its ongoing success.

“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 stated during a meeting with Senators.

“I therefore urge all beneficiaries to honour their repayment obligations to ensure the sustainability of this important programme,” the CS pleaded.

Oparanya noted that it is unfortunate that when such initiatives are introduced after elections, members of the public often perceive them as rewards, which has led to a high number of defaulters.

He revealed that out of the 20 million Kenyans who began borrowing from the fund, only 2 million have demonstrated responsible borrowing behaviour.

“For these borrowers, we have introduced a bridging loan, allowing them to borrow up to Ksh150,000,” he explained.