The launch of ‘hustler fund’ will reaffirm Ruto’s commitment to walk the talk
The Mt Kenya Times 
President William Ruto
By: Joseph Mutua Ndonga
Worth Noting:
- Those who service the loan on time will have an advantage of lower interest rate. They will also be considered for more funding when they apply for new loan money.
- At this juncture, allow me to shift my focus and explain why I distance myself from Azimio La Umoja-One Kenya coalition’s attacks directed at the President Ruto. The first question is. If you won power, how would you do it differently?
- Dr Ruto made it clear that he inherited a dilapidated economy. Besides the hustler fund, he had made many other promises meant to breathe new life to other critical sectors of public life. The revival of these sectors requires funding running into billions of shillings.
On December 1, President William Ruto will be expected to launch the much-publicized ‘Hustler Nation Fund’. This will mark yet another key milestone towards the fulfillment of a raft of promises he made to Kenyans during the campaigns.
While noting this matter is at the heart of the president, the relevant arms of his government are working round the clock to ensure that everything goes as planned. The National Treasury set the ball rolling by drafting the legal framework for the disbursement of the funds.
The draft law received the nod of the cabinet a few days later and this cleared the way for commencement of process of the legislation which seeks to amend the Public Financial Management Act.
The following are some of the key highlights: The fund changes the name from ‘hustler fund’ to ‘Financial Inclusion Fund’.
This being loan money, the borrowers’ limit is capped at a minimum of Sh500 and maximum of Sh50, 000. The amount will depend on borrower’s credit score and interest is capped at 8 per cent per year.
The hustlers with poor scores credit will be charged high interest apart from being slapped with penalties.
Those who service the loan on time will have an advantage of lower interest rate. They will also be considered for more funding when they apply for new loan money.
At this juncture, allow me to shift my focus and explain why I distance myself from Azimio La Umoja-One Kenya coalition’s attacks directed at the President Ruto. The first question is. If you won power, how would you do it differently? Dr Ruto made it clear that he inherited a dilapidated economy. Besides the hustler fund, he had made many other promises meant to breathe new life to other critical sectors of public life. The revival of these sectors requires funding running into billions of shillings.
The Azimio had made similar pledges including that of giving a monthly stipend of Sh6, 000 to vulnerable and poor families. Where did they hope to get free money to dish out? Even if you change the tack and make it loan monies, it is still not possible to give a free loans.
Kenya is a developing country and I’m sure President Ruto’s pledge of Ksh50bn hustler fund was informed by briefings he had received from economists and financial experts. If Raila won, he could have received the same briefings.
For me, Sh50,000 is not a little money. The money can help a hustler to set up a business and start raking good profit. Sometimes back I used to operate a green vegetable kibanda. So, speaking from my own experience, allow me to say. Every morning when mama mboga and other hawkers leave for the market they spend an average of Sh2, 000 and 5,000 to buy the stock.
There are those who even spend less may be Sh500 or 1,000 like the sugar care sellers who would move around with their wheelbarrows. Most of these traders would make half or double the profit from the capital they had spent.
The hustler fund seeks to boost these businesses as they are at the bottom of pyramid. So, the Azimio leaders’ criticisms were uncalled for, cheap and made in bad faith. I know some of you have never forgiven Dr Ruto? This is because he defeated you at the ballot.
For now, there is nothing you can do. He is the President of Kenya and the constitution stipulates he will serve in that position for next five years.
I hope no one would misconstrue my position. I agree the President can err because he is a human being. So, the opposition has a role to play. These leaders would, however, earn more respect if they engage his administration in a structured and constructive criticism and dialogue.
Joseph Mutua Ndonga is a writer and political commentator based in Nairobi
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