David Ndii, Chair of The Presidents Council of Economic Advisors, has revealed that, the financial inclusion fund ‘Hustler Fund’ is simply run by people in the private Sector.
According to the chair, the system which the fund is being disbursed, is fully automated and no public official can access the system.
He stated that, the Telco’s that partnered with the government to disburse the funds are the ones authorized to access the engines and the money is stored in the bank with a “custodian”.
“The Hustler Fund is run by the private sector, we have no access to it and no public official has access to the Hustler Fund. It is fully automated. It is run by a private sector , run by an engine provided by the Telco’s. The money stays with a custodian in a bank,” he said while on Citizen’s late night show.
The Telco’s include, Safaricom, Airtel, Telkom and others among other technology providers.
Mr. Ndii’s revelations comes after talks by political factions on the source of the money as Cooperative and SMEs CS Chelugui, is expected to present supplementary budget before Parliament as the Ksh.50 billion was not allocated in the 2022/2023 budget.
The Hustler Fund was launched In November, it was launched to help Kenyans unlock their doors to investments.
The Fund can be accessed through the code*254#, and mobile applications platforms of any of the mobile network operators in Kenya and has no processing fee according to CS Chelugui.
The Fund offers a borrower access between Ksh.500 and Ksh.50,000. Their qualification will grow by borrowing and repaying within the allowed time of 14days. The applicable interest is 8%per annum , calculated per day.
According to the President, the origin of the Hustler Fund, were brought about by the need to provide for Kenyans in small and medium sized enterprises access to capital.