Treasury outlines rules and consequences of misuseand failure to pay back hustler fund
In a gazette notice, national treasury outlines rules and conquences awaiting those who misuse the yet launched hustler fund.
The treasury stated up to four offences that will see Kenyans fined up to Ksh10 million or an alternative jail term of five years.
1. Misappropriation of the funds and its assets that will be officially referred to as the Financial Inclusion Fund.
2. Presenting falsified information during the application for the fund will also attract the aggressive penalties.
The treasury stated,” A person as having an official duty or being employed in, or in connection with the administration of these Regulations, fails to deal with all documents, information, returns and forms relating to applications for loans or to the granting of loans under these regulations as secret and confidential also commits an offence.”
3. Failing to maintain confidentiality that is contained in the documents.
Treasury stated,” A person having possession of, or control over, or access to, any documents, information, returns or forms and communicates anything contained therein to anyone other than a person to whom he is authorized by the Board to communicate it or.”
“Otherwise than for the purposes of these regulations, commits an offence and shall be liable to a fine not exceeding ksh. 10 million or a term of imprisonment not exceeding five years, or to both,”the statement part added.
Eligibility of access of the hustler fund
1.One must be a Kenyan must of 18 years of age old and a holder of a national identity card.
2.They should also be members of micro, small and medium enterprises, SACCO societies, Chama and table banking groups or any other registered association.
The president stated that fund’s operationalization , allows Kenyans to take up personal loans, SME loans, and startup loans from the pool of Ksh50 billion.
The fund will be launched on December 1 by the head of state.
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