AfriPulse
Hustler Fund CEO Henry Tanui has stressed that the government plans to track down and recover loans issued under the program but will lean on borrower identification and public awareness rather than heavy-handed enforcement to get the job done. Tanui made it clear that the government will pursue recovery efforts for all borrowers, with the exception of those who have passed away.
On the question of how the fund traces defaulters, Tanui explained that the facility is tied directly to a borrower’s national ID, not their SIM card, meaning switching phone numbers offers no escape route.
“The young people who borrowed and thought they can disappear, they can’t because their IDs are linked to the loans,” he said.
Tanui left no room for ambiguity when pressed on the fund’s resolve to recoup the money.
“Except for those who have passed on, we will collect the money,” he said.
By Wednesday, the Hustler Fund had disbursed a total of Ksh83 billion to borrowers across the country. Borrowers had saved Ksh5.3 billion of that sum and repaid Ksh71 billion. Tanui acknowledged that the fund is still chasing a 15 percent default rate.
Nairobi tops the list of counties with the highest number of active borrowers, with Kiambu County coming in a close second.
When North Imenti MP Rahim Dawood asked directly whether the government would arrest loan defaulters, Tanui pushed back firmly, ruling out any aggressive or coercive recovery tactics.
“We will not behave like shylocks. We will not come to pick your items if you default,” he said, adding that the fund would instead conduct sensitization on the need to repay.
Source: NairobiWire.com | Read the Full Story…
