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Saturday, March 11, 2023 – Co-operatives and SMEs Cabinet Secretary Simon Chelugui has sought to explain why the government decided to charge interest on Hustler Fund, despite President William Ruto’s promise to offer interest-free loans.
Speaking during an interview, Chelugui explained that the Fund needed to sustain itself as any other moneylender, banks, and Saccos included.
“The fund is a plan by the government to help the citizens, but it must support itself. That is why we charge interest. Money deducted aids us to cater for some expenses from the companies offering the service,” he argued.
“We have lowered the interest and had to bargain with the companies to offer the services to us at a lower cost,” Chelugui added.
The loan repayment period is capped at 14 days with an interest of 8 per cent per annum or 0.02 per cent per day.
Furthermore, Chelugui pointed out that the government gives Kenyans ample time to repay the loans.
“I urge Kenyans to bear with us. We must have structures to ensure that the fund does not collapse. The 14-day repayment period gives Kenyans in business time to buy their products, sell, make a profit, and repay the loan,” he remarked.
His answer was in response to a clarification sought, in line with the government charging interest for Ksh500 borrowed from the Hustler Fund.
Chelugui was also asked to explain why the fund limits were not increased despite the shilling losing its value.
The CS argued that the depreciation of money was a global challenge. He pinpointed the inflation rate and other activities happening worldwide – an increase in fuel prices and the Russian invasion of Ukraine.
The Kenyan DAILY POST
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Hi Daily Post
Education is the best tool in every society but despite our efforts to pay fees balances, the administration at Kasinga secondary school in Machakos Sub County is just pocketing the funds.
We want lifestyle audit of the school Principal and also investigated by the ministry and other government agencies since the school has been loosing funds.
There are very also cases of the Principal misusing school Bus and using vulgar language to teachers.
Here, parents have been complaining following mismanagement of the institution.
Most public secondary school principals in Machakos County act as if they are not accountable to anyone.
Some principals have been forcing parents to pay more than the stipulated fees while the school managements spend the money on any projects they deem important with no accountability checks in place.
This gives room to misuse of funds as stakeholders are not consulted… no receipts are issued for the extra levies.
We want if possible the principal transferred so as to avoid regrets in future.