Cooperative and MSMEs Cabinet Secretary Wycliffe Oparanya has announced that his ministry will be pursuing Kenyans who have defaulted on repaying loans from the Hustler Fund.
Speaking at a Small and Medium Enterprises Conference in Nairobi on Friday, Oparanya revealed that the ministry is developing a system to track those who have failed to repay their loans.
“You will soon see someone knocking at your door, asking if you can repay the Hustler loan for the benefit of others,” he remarked.
Oparanya praised the Hustler Fund as an innovative initiative designed to create wealth and job opportunities. However, he acknowledged that the fund has faced challenges. During the first round of disbursements, 21 million people borrowed money, but 19 million of them failed to repay. Only two million borrowers have been consistent in repaying and borrowing regularly.
The CS also announced plans to recognize Kenyans who have demonstrated good borrowing behavior. “There is one individual now borrowing up to KSh 2 million and running a successful business. This is public money that should be borrowed and repaid so others can benefit from it,” he explained.
“For those 19 million defaulters, I am coming for you to ensure that you repay so others can benefit, and you can continue borrowing.”
He emphasized that those who do not repay their loans will be unable to borrow again. “I want you to borrow repeatedly so that you can develop yourselves. As the government does its part, you must also do yours,” he added.
Oparanya reiterated the government’s commitment to creating a conducive environment for business. “It is you, the people, who can create wealth and employment in this country,” he said.
He highlighted that out of the 20 million working population, 15 million are engaged in Small and Medium Enterprises. “The government can only employ one million people, leaving four million still jobless,” he noted.
