Contemplating disengaging from the Hustler Fund? Think again, as it involves a lifelong commitment, clarified Elizabeth Nkukuu, the acting CEO of Hustler Fund.
This unalterable dedication stems from the fund’s structure, with 70% of investments earmarked for long-term savings.
Nkukuu emphasizes, “Opting out of the Hustler Fund is not an option. The 70% allocated to long-term savings binds you to the fund until you reach the age of 60 and retire, accessing your funds.”
Additionally, the CEO mentions impending revisions to the limits set for individuals. Initially tied to Mpesa transaction volumes, these limits will undergo adjustments every four months.
Post-anniversary, a comprehensive review of the Hustler Fund will occur, introducing a new rescoring method.
Questions surrounding the fund’s operations, including its seed capital source and regulatory framework, have arisen. Shedding light on these aspects, Nkukuu reveals the fund’s origin as a government grant. Acknowledging a current regulatory void, she assures ongoing efforts to establish oversight.
“In the absence of a regulatory body, 70% of savings will fall under the purview of the Retirement Benefits Authority (RBA), while the remainder will be overseen by the Capital Markets Authority (CMA). Presently, the funds are securely held in the banking sector in custody accounts,” she elucidates.
