President William Ruto has lauded the Hustler Fund kitty as corruption-free due to its transparent, technology-driven loan process.
The Head of State has urged Members of Parliament to fast-track the passing of the e-procurement law to curb corruption.
Speaking at the launch of the Fifth National Action Plan on Open Government Partnership, the emphasized the need for the government to embrace technology as a critical tool in combating graft.
“Today, we have two million Kenyans borrowing from the Hustler Fund every day. It is delivered on a technology platform. It is the single government project that has no corruption because technology has provided the framework to make sure we insulate it from graft.”
He pointed out the significant role technology plays in transforming public services and pledged further investments to create more job opportunities for the youth.
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Launched in late 2022, the fund is part of President William Ruto's campaign promise to help small business owners scale up, liberate ordinary Kenyans from shylocks and help establish a culture of saving.
The fund, worth Kes 50 billion a year over the next five years, is expected to liberate more than 15 million people from predatory lenders by offering loans of up to Kes 50,000.
Lending at an annual rate of eight, the fund is many times cheaper than the average lender in the market.
