National Treasury and Economic Planning Cabinet Secretary Njuguna Ndung’u has published regulations for the much awaited Sh50 billion Hustler Fund under the Public Finance Management Act.
The funds will be administered by a Chief Executive Officer (CEO) whose mandate is to open and operate such bank accounts with the approval of the Board and the National Treasury and also supervise and control the day to day administration of the fund.
The Hustler Fund CEO who will be appointed by the CS will ensure that he transmits to the Auditor-General statement of accounts relating to the Fund and showing the expenditure incurred from the Fund every financial year.
As outlined in the regulations, to qualify for the loan, individuals will be required to be above 18 years of age and to be a holder of a Kenyan identification card.
In addition, they should also be members of Micro, Small and Medium Enterprises (MSMEs), SACCO societies, Chama and table banking groups or any other registered association.
n the regulations, Individuals will be required to be above the age of 18 years and hold a Kenyan identification card to qualify for the loans that will be charged under a single digit interest.
The reguilations also consisted of four offences that will see Kenyans fined for up to Sh10million or an alternative jail term of five years.
They include misappropriation of funds, failure to give information or falsifying information while applying for the 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.
“Otherwise than for the purposes of these Regulations, commits an offence and shall be liable to a fine not exceeding Sh10million or a term of imprisonment not exceeding five years, or to both,” read the regulations.
The funds will be launched on December 1 by President William Ruto.