Hustler Fund: Making These 4 Offences Could Land You In Jail

The funds will be launched by President William Ruto on December 1, 2022

Marvin Chege Marvin Chege
Nov 12, 2022 - 09:53 Updated: Nov 12, 2022 - 09:54
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Hustler Fund: Making These 4 Offences Could Land You In Jail
President William Ruto during the swearing-in of Cabinet Secretaries on October 27, 2022. /STATE HOUSE KENYA

The National Treasury published drafted regulations for the operationalisation of the highly anticipated Ksh50 billion Hustler Fund for public participation.

In the regulation published on Friday, November 11, the Treasury warned Kenyans against committing four offences that would risk them paying fines of up to Ksh10 million or serving a jail term of five years.

Among the offences include providing falsified information when applying for the fund which will draw penalties.

Treasury CS Njuguna Ndung'u during a past press address. /FILE

Others include misappropriation of the funds and its assets in what will be officially called the Financial Inclusion Fund.

"A person as having an official duty or being employed in, or in connection with the administration of these Regulations, fails to deal with all documents, information, returns and forms relating to applications for loans or to the granting of loans under these regulations as secret and confidential also commits an offence," read the proposed regulations.

As the Fund will have top-secret ways of managing it, revealing private information in any manner will attract similar fines.

"A person having possession of, or control over, or access to, any documents, information, returns or forms and communicates anything contained therein to anyone other than a person to whom he is authorized by the Board to communicate it or.

"Otherwise than for the purposes of these regulations, commits an offence and shall be liable to a fine not exceeding Ksh10 million or a term of imprisonment not exceeding five years, or to both," read the regulations in part.

Kenyans must be above the age of 18 and have a national identity card (ID) to be eligible for the fund. They must also be members of micro, small and medium enterprises, SACCO societies, Chama and table banking groups or any other registered association. 

The funds will be launched by President William Ruto on December 1, 2022, and will be classified into four categories which will be rolled out on a phased basis.

The products include personal finance products, micro-businesses, MSMEs and the final category targeting Kenyan startups. Kenyans can take personal loans, SME loans, and startup loans from the Ksh50 billion fund.

The president's campaign promises sought to bring about a new economic order that would deal squarely with unemployment and lack of opportunities for the youth.

Deputy President William Ruto during the unveiling of his manifesto on June 30, 2022. /DPPS

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