Hustler Fund defaulters will soon be tracked and compelled to pay their outstanding debts.
Cooperatives and Micro Small and Medium Enterprises Cabinet Secretary Wycliffe Oparanya says the government is developing a system meant to boost Hustler Fund loan repayments through accurate tracking and tracing of defaulters.
Latest data from the ministry indicates that out of 21 million hustler fund borrowers, only 2 million have repaid their loans.
Besides the new policy, Oparanya says the government is introducing a Hustler Fund credit system that will reward loyal borrowers as well as offer crucial data to be used in graduating them onto the mainstream financial system.
The financial inclusion fund commonly known as Hustler Fund, was created to empower citizens to start successful businesses no matter their social standing, however, small businesses have decried the high cost of starting and maintaining enterprises.
He was speaking at the Annual SME conference and awards and Exhibition where SMEs were urged to leverage innovation if they are to build sustainable businesses.
