Cooperatives and MSMES Development Cabinet Secretary Wycliffe Oparanya./SCREENGRAB
Cooperatives and MSMES Development Cabinet Secretary Wycliffe Oparanya now says he called on Kenyans not to repay Hustler Fund loans because he was then in opposition.
Responding to questions in the Senate on May 14, 2025, Oparanya, when he was sailing in the opposition boat, didn’t see the essence of borrowers paying back.
However, following his appointment as CS responsible for the government’s financial inclusion fund, Oparanya said he would urge Kenyans to repay their loans.
Responding to a particular question from Nairobi Senator Edwin Sifuna, who claimed that the CS had previously called the fund a grant, Oparanya said times and positions have changed.
“I never heard of Hustler Fund being a grant. I was only in the same boat with you, Senator Sifuna, when we were saying that this money would not be paid. I'm in a different boat now,’’ Oparanya said.
“I'm saying that Kenyans who have borrowed this money to pay because I feel that this money is a good initiative that will help many Kenyans.”
Oparanya emphasised the fund’s importance, saying it has the potential to uplift millions of Kenyans economically.
Oparanya acknowledged that the fund faced challenges, particularly widespread defaults, due to public perception following the 2022 General Election.
“When such initiatives come up after elections, members of the public think that they are being rewarded. That’s why we had so many defaulters when the fund started,” he said.
He dismissed claims that the fund was a grant and revealed that the government is implementing measures to recover loans from defaulters to ensure the sustainability of the program.
“We are working on a system to ensure this money is recovered so that many Kenyans benefit,” he added.
Oparanya further disclosed that of the 20 million borrowers, two million have been promoted to a higher credit limit due to consistent repayment.
“We have introduced a bridging loan of up to Sh150,000 for the two million people who have proven to be good borrowers,” he said.
The Bridge
Loan product targets borrowers who have demonstrated discipline in loan
repayment.
