Bad News To Hustler Fund Defaulters After Govt Plans To Do The Following

The Government is now mulling forceful recovery of monies owed by Kenyans who took loans from the hustler fund.

This is after growing concern from the fund that it might be difficult to recover Ksh.7 billion that has not been paid thus far.

According to the records, 13 million Kenyans have defaulted in paying their loans, and now the government says they may be forced to raid M-Pesa accounts of the defaulters and even deduct airtime.

Speaking when she appeared before the National Assembly’s Special Funds Account Committee, Financial Inclusion Fund (Hustler Fund) acting CEO Elizabeth Nkuku, said despite several reminders, the defaulters have since failed to repay the loan.

According to Nkuku, most of the defaulters are capable Kenyans who can repay the loan, with a review of their accounts indicating that they transact an average of Ksh.21,000.

Nkuku confirmed to the members that the Hustler fund money was not insured and that is why they will result to forceful recovery.