Kenyan government has planned to recover Ksh. 7 B from Kenyans who have borrowed hustler fund.
The hustler fund was introduced by President William Ruto soon after he became the President of Kenya.
This was after the growing concern that the fund was difficult to recover.
It was recorded that 13 million Kenyans had failed to pay the loans and the government had to be forced to repay the loan via the defaulters M Pesa accounts and even repay airtime.
Elizabeth Nkuku, CEO of hustler fund said that the defaulters had failed to pay the loans despite the numerous reminders.
She furthers said that the defaulters had borrowed their loans the first and second months when hustler fund was introduced to the people.
Elizabeth said that those defaulters were capable Kenyans who could repay their loans. The defaulters had an average transaction of ksh. 21,000.
She explained that the organization had phone numbers and National Id’s of every defaulter which was the beauty of the fund.
Members of the committee wondered why the government had issued the loans to Kenyans without insurance.
Elizabeth confirmed to them that the hustler fund money was not insured and that was why there was introduction of forceful recovery.
The committee directed the organization to give them the details of all the defaulters.
