Kenyans invited to forward memoranda on Hustler fund regulations
Members of the public have been invited to send their memoranda to the Principal Secretary National Treasury not later than 18th November 2022.
The Ministry has also invited all interested members of the Public to attend the consultative meetings in various parts of the Country.
The consultative workshops began yesterday, Monday 14th, in Meru, Embu, Tharaka Nithi, Isiolo, Marsabit, Nakuru, Nyandarua, Samburu, Narok, Kericho among other Counties and continued today, on Tuesday, in Kitui, Makueni, Machakos, Taita Taveta, Mombasa, Kwale, Kilifi, Lamu Tana River, Nairobi, Kiambu, Kisii, Bomet, Kisumu, Kakamega and other Counties. The meetings are likely to end on Wednesday, tomorrow.
The National Treasury concluded preparation of the regulations last week and posted them in several Government websites for accessibility.
The new regulations published by Treasury Cabinet Secretary Prof Njuguna Nd’ung’u will govern the establishment of the fund commonly referred to as the Hustler Fund.
“The Fund shall consist of monies appropriated by the National Assembly for the purposes of the Fund, income generated from the proceeds of the Fund in form of interest and other charges such as penalties, income from investments made by the Fund, grants, donations, bequests or other gifts made to the Fund and monies from any other source approved by the Cabinet Secretary.” a legal notice by the CS read in part.
The purpose of the Fund shall be to innovate, develop and deploy bottom of the pyramid financial services and products that are affordable, accessible and appropriate for the unserved and underserved persons, including credit, saving, insurance and investment products.
The Fund shall promote financial inclusion through expanding access to credit by persons, proprietors, micro, small and medium enterprises, chamas, table banking groups, groups, SACCO societies, associations and start-ups for economic growth and job creation.
