Kenyans invited to forward memoranda on Hustler fund regulations

The National Treasury is holding workshops across the Country for members of the public to submit their input on the draft Public Finance Management (Financial Inclusion Fund) Regulations, 2022.

Members of public can send their memoranda to the Principal Secretary National Treasury not later than 18th November 2022.

The Ministry has in the meantime invited interested members of the Public to attend the consultations in various areas across the Country.

The workshops commenced Monday 14th in Meru, Embu, Tharaka Nithi, Isiolo, Marsabit, Nakuru, Nyandarua, Samburu, Narok, Kericho among other Counties and will continue on Tuesday and Wednesday in Kitui, Makueni, Machakos, Taita Taveta, Mombasa, Kwale, Kilifi, Lamu Tana River, Nairobi, Kiambu, Kisii, Bomet, Kisumu, Kakamega and other Counties.

The National Treasury finalized preparing the regulations last week and posted them in various Government websites for accessibility.

The new regulations published by Treasury Cabinet Secretary Prof Njuguna Nd’ung’u will govern the establishment of the fund commonly referred to as the Hustler Fund.

“The Fund shall consist of monies appropriated by the National Assembly for the purposes of the Fund, income generated from the proceeds of the Fund in form of interest and other charges such as penalties, income from investments made by the Fund, grants, donations, bequests or other gifts made to the Fund and monies from any other source approved by the Cabinet Secretary.” a legal notice by the CS read in part.

The purpose of the Fund shall be to innovate, develop and deploy bottom of the pyramid financial services and products that are affordable, accessible and appropriate for the unserved and underserved persons, including credit, saving, insurance and investment products.

The Fund shall promote financial inclusion through expanding access to credit by persons, proprietors, micro, small and medium enterprises, chamas, table banking groups, groups, SACCO societies, associations and start-ups for economic growth and job creation.

  

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