Give Hustler Fund a chance
President William Ruto (right) and Prime Cabinet Secretary Musalia Mudavadi (centre) during the launch of the Hustler Fund at Green Park Terminus in Nairobi on November 30, 2022.
Ever since the launch of the Hustler Fund, naysayers and critics have dismissed it even as proponents defend the kitty.
As the debate rages on, the common mwananchi continues to apply for cash from the fund oblivious of what others say about it. Now, unlike other lending facilities, the Hustler Fund has three offerings that attract takers.
These are its micro-loan nature, low interest and friendly repayment terms with minimal repercussions. To the low-income earner, all else is ‘noise’, especially in these hard times. Compared to the estate shylock, the fund is attractive. Very attractive!
Big dreams
Its primary focus is the man or woman of “small means but big dreams”, not the seasoned businessman. Therefore, contrary to the claims that Sh500 is insufficient to start a business, a student can peddle scratch cards worth that amount and earn a profit.
One can buy and sell tomatoes, repay and borrow again. One can purchase a tray of eggs and sell at a profit. Another can borrow matatu fare to commute to a far-off estate to wash clothes and repay the loan by close of day. Yes, with financial discipline, patience and resilience, mwananchi of big dreams can trade with Sh500 and earn a profit. In any event, one’s credit grows as you pay back.
Other benefits include that it is unsecured and the savings component is good for the country in the long run. Only Fuliza comes close!
The fund currently serves its purpose. Hustlers have borrowed approximately Sh6 billion, an indicator the fund is timely. As a result, Kenyans should give the fund a chance. Let us encourage young people to create wealth by borrowing from the fund.
When we read too much into its pros and cons, we miss the point. Our attention should be on the real potential and possibilities of the fund. We can inject positive energy into the H-Fund idea.
It may revolutionise wealth creation in Kenya. And if at all it will fall short, it has at least plugged a gap that was created by tough economic times and given a soft landing to needy mwananchi.
Ms Osogo is a law student at the University of Nairobi.
