Why you are not allowed to opt out of Hustler Fund.
The acting Chief executive officer of Hustler Fund has explained the reason behind why you are not allowed to opt out of President Ruto’s hustler fund.
She explained that once you are in, the membership is permanent, given the fund’s structure, with 70% of investments earmarked for long-term savings.
She stated,”You cannot opt out of Hustler Fund. You will remain in the fund because of the 70% that is on long-term savings, you cannot opt-out because you will access your money at 60 when you retire.”
She also touched on the issue of types of borrowers since the fund was launched one year ago.
She stated,”There are those who borrowed out of curiosity. They borrowed once and never did again, there’s a second lot that needs basis, others borrow on impulse, up to three times a day.”
On the loan limit criteria, The CEO explained that people used to get the fund based on how much they transact On Mpesa but the loan limit criteria is expected to change after every four months.
She explained,”Every four months, the limit will be revised, after the anniversary, there will be a review of some issues about the hustler fund, and a new rescoring method will be recreated.”
Notably, The CEO explained where the hustler fund gets its seed capital and the regulatory framework after people questioned it.
She stated,”There’s currently no regulatory body. 70% savings will be regulated by the Retirement Benefits Authority (RBA) and the other will be under the Capital Markets Authority (CMA). So far, the money is in the banking sector, in custody accounts.”
“You cannot see the crediting of the interest of the hustler fund, The money is in government securities and currently does not display that information,” she added.
Also read New tax policies as proposed by Finance committee and the Impact they will have on Kenyans