Co-operatives CS Wycliffe Oparanya Speaks About Fate Of Hustler Fund Defaulters

• Co-operatives and MSMEs Cabinet Secretary Wycliffe Oparanya vowed to take action against Hustler Fund defaulters
• The CS asked defaulters to settle their dues, failure to which the government will go after them since they registered with their IDs
• Oparanya praised the Hustler Fund as the 'solution' for ending poverty, saying he understood its importance in the economy

TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.

Wycliffe Oparanya, the newly appointed Cabinet Secretary (CS) for the Ministry of Cooperatives and MSMEs, has vowed to take tough measures against the millions of Kenyans who have defaulted on their Hustler Fund loans.

How much Hustler Fund was defaulted?

Just a day after officially succeeding his predecessor, Simon Chelugui, Oparanya disclosed in an interview with Citizen TV on Thursday, September 5, that a whopping KSh 12 billion was still outstanding from defaulters.

The CS asked defaulters to settle their dues, failure to which the government would go after them.

"Those who borrowed from the Hustler Fund registered with their ID numbers. Even if they replace their SIM cards, we can still trace them. They must pay," he warned.

Will Hustler Fund defaulters be listed on CRB?

Oparanya said borrowers must pay their loans within 14 days, as the interest rates will increase.

"About 13 million Kenyans borrowed once and disappeared with an estimated KSh 12 billion. I must ensure they repay their loans," Oparanya said without mentioning whether they will be listed on the credit reference bureau (CRB).

He said 30% of the borrowed funds would be channelled to savings and pensions. He admitted that he previously dismissed the Hustler Fund because of politics but now understands its value.

Why Oparanya praised Hustler Fund

During his vetting for the position of CS, Oparanya changed his mind regarding the Hustler Fund.

Appearing before the National Assembly's Committee on Appointment on Sunday, August 4, Oparanya acknowledged that he once criticised the fund.

According to Oparanya, the main issue with the fund was that President William Ruto's government rolled it out quickly.

He admitted that he opposed the fund's rollout without facts about its importance.

The former Kakamega governor praised the fund, pointing out that it could reduce poverty if well-managed.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke

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Co-operatives CS Wycliffe Oparanya in his office.

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