Njuguna Ndung’u Kenya’s Treasury Cabinet Secretary divulged Regulations to Supervise the KES 50 billion Hustler’s Fund under the Public Finance Management Act
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Hip the laws, people will be expected to be above the age of 18 years and wield a Kenyan identification card to authorize them or the loans that will be charged under a single-digit interest. They should similarly be members of Micro, Small, and Medium Enterprises (MSMEs), SACCO societies, Chama and table banking groups, or any other registered association.
The budgets would be allocated by a Chief Executive Officer (CEO) that would be enhanced to unlock and regulate such bank accounts with the permission of the Board and the National Treasury; as well as supervise and control the day-to-day administration of the Fund.
The Hustler Fund CEO who will be authorized by the Treasury CS, will furthermore assure that; he disseminates to the Auditor-General statement of accounts associating to the Fund and exhibits the expenditure incurred from the Fund each financial year.
Treasury also summarized four offences that will see Kenyans fined up to KES 10 million or an alternative jail term of five years. The violations will comprise misappropriation of funds, failure to give information, or falsifying information while applying for the fund will attract penalties.
The guardians of the funds will entice a fine or a penalty for divulging private information to anyone apart from those authorized by the board.
The highly publicized Hustler Fund is set to be launched on December 1st, 2022 in coalition with financial institutions.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent