‘I'm coming for you!’ CS Oparanya warns 19 million Hustler Fund defaulters

Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya has promised to track down Hustler Fund defaulters and ensure that they repay their loans so that the platform can continue helping other Kenyans in need.

Speaking on Friday during the annual Small and Medium Enterprises (SME) Conference, the CS explained that the government is working on a system that will serve to locate the said defaulters.

He commended 2 million users for continuing to use the service regularly and repaying the loans, however estimating that about 19 million Kenyans are yet to repay amounts remitted to them through the Hustler Fund.

"This Hustler Fund was very innovative and digital but the problem is that in the first round, 21 million people borrowed money. Out of that, 19 million disappeared with the money. 2 million are the ones borrowing regularly. Soon we shall be awarding those who are good borrowers. But this is public money which should be borrowed and repaid so that other people benefit from it," he said.

"So for those 19 million, I'm coming for you, to make sure you pay so that others can benefit. We're coming up with a system to track you, to know where you are. You will see someone knocking, can you pay the Hustler Fund for the benefit of others…as the government tries its bit, we must also do the same."

Oparanya said the government has disbursed Ksh.56 billion to 24 million Kenyans since the launch of Hustler Fund in late 2022.

He added that the government will soon be unveiling a Hustler Fund creative score that will provide additional benefits such as better repayment terms.

"We're also finalising on the development of a national Hustler Fund creative score to be launched soon which will change the collateral system in our economy and unlock access to credit by the population at the bottom of the pyramid who don't have the means to access conventional collateral like land and logbooks," Oparanya remarked.

Touted as one of President William Ruto's pet projects, Hustler Fund aims to provide access to affordable credit. Critics have, however, questioned the management of the Fund. 

During the vetting session before the Parliamentary committee, Oparanya noted that with better management, the Fund would uplift Kenyans' lives.

"I know I was among the people opposed to the Hustler Fund. I had not known the facts until now when I have been briefed. I think if well managed, it can take our people from poverty. The only problem is that it was launched in a hurry without legal proper structures in place," he stated then.