Nairobi, May 24 : The State Department for Micro, Small and Medium Enterprises (MSMEs) has revealed that Hustler Fund borrowers who have since disappeared owe a total of Sh6 billion in unpaid loans.
The State is initiating tracking measures in the meantime. The amount was borrowed by approximately 10 million Kenyans, and the department might have to write off this amount if recovery efforts fail.
Despite the looming write-off, the government is now seeking an additional Sh5 billion from Parliament to sustain the Hustler Fund’s operations.
The request comes at a time when concerns are mounting over accountability and the effectiveness of the fund, which is one of President William Ruto’s flagship initiatives aimed at supporting low-income Kenyans through access to credit, savings, insurance, and investment products.
Appearing before the National Assembly’s Committee on Trade, Industry and Cooperatives, MSMEs Principal Secretary Susan Auma Mang’eni had this to say:
