Hustler Fund a game changer

By: Joseph Mutua Ndonga

Worth Noting:

• Listening to President Ruto, one thing is clear. He is aware of what was happening. I’m now at the helm of power. Hustler fund is government money. So, those who think they can steal this money they will be in for a rude shock. You will see me in true colors.
• The hustlers should be rest assured. Your money is safe and when you apply electronically you will receive the money directly on your phone.
• It is worth to recall that Dr Ruto rode to power on a platform of the bottom up economic model and hustler fund become one of its key pillars.

The launch of the Hustler Fund marked yet another significant step in fulfillment of President William Ruto’s pre-election pledges. I had an opportunity to watch this colorful event which was beamed live by the mainstream media houses.

I was happy to see our President, his deputy and other leaders present humbling themselves by occupying the back-row seats where the other hustlers were seated and interacting freely with them. Besides, the hustlers presided over the event at Green Park in Nairobi.

Before, it was rare to see the former presidents hobnobbing with the downtrodden where they were at helm of power. This would only happen during the campaign periods.

For president Ruto, he once again demonstrated his commitment to change this narrative.

His predecessors had cobbled up similar funds, but failed to meet public expectations. With Uwezo and Youth Enterprise funds being notable, the funds were launched in big hotels. The hustlers would not access these venues and it won’t take long before their fears came to pass.

Corruption and impunity would reign in. A huge chunk of funds would disappear mysteriously. The heads and top officials of the state agencies entrusted to manage and distribute the funds had perfected the art of dodging the queries raised by the auditors from the Office of Auditor General and taking them in circles.

One of the reports indicated they could not account for Ksh4.6 billion. The remaining funds would bankroll the pockets of individuals and well established groupings of Saccos and Chamas and Cooperatives.

Listening to President Ruto, one thing is clear. He is aware of what was happening. I’m now at the helm of power. Hustler fund is government money. So, those who think they can steal this money they will be in for a rude shock. You will see me in true colors.

The hustlers should be rest assured. Your money is safe and when you apply electronically you will receive the money directly on your phone.

It is worth to recall that Dr Ruto rode to power on a platform of the bottom up economic model and hustler fund become one of its key pillars.

It is important to note that this is not free money. It is loan money but the interest rate will be 500 times lower than what other mobile money lenders charge you.

I have been listening to president Ruto’s critics particularly the diehard allies of Azimio leader Raila Odinga. The Hustler fund is a ‘hoax’ and it is doomed to fail.

In trying to justify this, they cite two reasons. First, the amount of money that the ‘hustlers’ are qualified to borrow is too small. What can you do Sh500? Well, they would not want to know this is minimum amount and the maximum is Sh50, 000.

Secondly, you are going to pay this loan with an interest. I disagree. The first question I want to ask them. You had promised to give poor families Sh6, 000 per month if you win the elections. This is what would amount to a peanut or a drop in the ocean.

A number of residents in Githurai [44] ward, where I resides, have applied for the hustler fund. The credit score of most of them is good and are qualified to borrow Sh20, 000 and above.

As we know, the interest is very low.  For instance, if you borrow Sh1000, the interest is Sh3.

The hustler fund is well designed and resonates with what Dr Ruto intended to achieve if he wins elections. The hustlers were his main target.

For mama mbogas, sugarcane sellers and maize roasters, he knew these people would spend may be Sh500 or Sh3.000 at most when they go to buy their stocks at the local markets.

So if they manage to secure a seed capital of Sh5,000,  Sh10,000 or more from Hustler Fund, the amount is enough to improve their businesses and start earning good profits. Dr Ruto is a wise man. He wants every Kenyan to participate in the building of our economy.

Joseph Mutua Ndonga is a writer and political commentator based in Nairobi