Gov't clarifies hustler fund allocation amid audit queries

PS Susan Mang'eni at Bunge Towers,Parliament. February 24, 2025 [Elvis Ogina, Standard]

The government has clarified that the Financial Inclusion Fund—popularly known as the Hustler Fund—was allocated Sh20.2 billion, with a portion designated for lending and the rest set aside for asset counterpart funding.

Susan Mang’eni, the Principal Secretary for Micro, Small and Medium Enterprises Development, explained that the fund’s initial capitalization included Sh12 billion for loans and Sh8 billion for asset counterpart funding. The latter was meant to match the long-term or pension savings of Hustler Fund beneficiaries, in accordance with Public Finance Management (Financial Inclusion Fund) Regulations 2022, Article 7.