Pay up! Oparanya tells Hustler Fund defaulters

Cooperatives and MSME Development CS Wycliffe Oparanya during a meeting with the National Assembly's Committee on Trade, Cooperatives and Industry at Bunge Towers, Parliament. February 24th, 2025 [Elvis Ogina, Standard] Wycliffe Oparanya, Cabinet Secretary for the Ministry of Co-operatives and Micro, Small, and Medium Enterprises (MSMEs) has urged all Hustler Fund defaulters to honor their loan agreements. The CS, who was a vocal critic of the Kenya Kwanza government before joining its ranks through a broad-based arrangement, described the initiative as beneficial, highlighting the need for Kenyans to pay up. His remarks, however, contradict his previous sentiments on the Fund before he is appointed the CS. In his defence, Oparanya argued that the Hustler Fund has had positive impact on many Kenyans. Adding that despite there are ongoing efforts to develop a system aimed at recovering outstanding loans to ensure more Kenyans can benefit from the fund. "We are working on a system to ensure this money will be recovered and more Kenyans benefit," Oparanya stated. The CS also revealed that out of the initial 20 million Kenyans who accessed the Hustler Fund platform, two million have demonstrated responsible borrowing habits. "We have introduced a bridging loan, a better limit for the good borrowers to borrow more; we have increased their limit to up to 150,000," he explained. Regarding the potential of the Hustler Fund to support co-operatives, Oparanya indicated its feasibility hinges on the passage of a provision within the Cooperative Bill 2024. "It is difficult to directly channel the funds to co-operatives in its current digital format. However, if a bill proposing the creation of a development fund is passed, we will then be able to support our co-operatives based on that framework," Oparanya clarified. In 2022, the Kenya Kwanza administration positioned the platform as a key promise intended to support the local 'mwananchi' (citizen). The platform allows users to borrow amounts ranging from a minimum of Sh500 to a maximum of Sh. 50,000, with an interest rate of 8 per cent calculated on a pro-rated basis. The fund was intended to provide crucial financial relief to millions of Kenyans previously excluded from credit due to blacklisting by various credit rating agencies.

Pay up! Oparanya tells Hustler Fund defaulters

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Pay up! Oparanya tells Hustler Fund defaulters

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