Hustler Fund For Groups: Gov’t To Start Giving Loans To Groups In June

The government is planning to start issuing Hustler Fund for groups in June, after mass registration of Micro Small enterprises (MSEs) across the country.

Announcing the move, Co-operatives and MSMEs Development cabinet secretary Simon Chelugui revealed that since inception, Hustler Fund has so far attracted 6.5 million repeat customers.

At least Ksh22 billion has been disbursed, with Ksh13 billion having been paid back. He estimated that 19 million Kenyans have so far registered with the fund.

“It is my pleasure to grace the launch of the countrywide sensitization, registration drive of this MSME clusters in preparation for the Group Based Hustler Fund Product Launch. Given the significance of MSMEs as a source of employment, hurdles to accessing funding become obstacles to poverty reduction and economic progress. They are faced with two key financing y obstacles: accessibility and affordability. The Government of Kenya launched the Hustler Fund – a flagship Programme of the Government’s Manifesto that will go a long way realizing financial inclusion for millions of Kenyans who would otherwise be excluded from the mainstream financial system,” Chelugui noted.

“The Fund was created to empower the people at the bottom of the pyramid, free low-income citizens from the bondage of loan sharks and provide them with the financial security they deserve.”

Through registration, Micro and Small Enterprises will be able to register their individual businesses, register their MSE Associations, and register their Micro and Small Enterprise Umbrella Organizations, and be issued with a certificate.

“Through this initiative, the MSMEs contribute to the provision of a comprehensive database that will inform inter- and intra- government projects geared towards the promotion and development of the sector. The Registrar of MSEs system is a simplified online platform designed within the interests of digitalizing the registration process to enhance efficiency and accountability in terms of the percentage of data of the available for the micro small enterprises sector players in the country,” Chelugui noted.

During the launch, the Micro and Small Enterprises Authority (MSEA) and Kenya National Federation of Jua Kali Association (KNFJKA) signed a Memorandum of Understanding on collaboration towards the promotion and development of Micro and Small Enterprises under The Kenya National Federation of Jua Kali Associations across the country.

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