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He said the loan schemes give out so much money to Kenyans per day
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Which tells on magnitude the financial challenges many are facing.
Image: FILE
Kiambu Governor Kimani Wamatangi has said it is hypocritical to degrade the Hustler Fund.
Wamatangi was speaking on Thursday at an interview with Citizen TV.
He said Kenyans have no other option but to take loans from mobile lending Apps because they are forced by circumstances.
"Kenyans went to Fuliza because they had no option. They had no alternative. But a man must do what a man must do," Wamatangi said.
"You must put bread on the table. So what did Kenyans resort to? Going to borrow loans with interest from lending Apps. But when you have Hustler Fund then it is quickly and eloquently labelled a scam. That is absolute hypocrisy," he added.
He said the loan schemes give out so much money to Kenyans per day, which tells the magnitude of the financial challenges facing many.
Wamatangi said it is better to acknowledge that the Fund requires improvement than to degrade it as the millions still take loans from it.
The most recent statistics released by Cooperatives and MSMEs CS Simon Chelugui show that at least 20 million Kenyans have borrowed from the Fund as of 6 pm Wednesday last week.
The amount disbursed stood at Sh28,445,739,531 from a total of 41,074,603 transactions.
The release of the figures comes after reports that the Fund ended and that Kenyans could no longer access the money.
“The Hustler Fund is firmly on track. It is active and the numbers are encouraging. Kenyans should ignore the prophets of doom. We are delivering,” the CS told the Star.
“Kenyans continue to access the funds.”
Total repayment has hit Sh18,448,196,931 with the government having saved Sh1.42 billion.
The number of repeat customers stood at 6.9 million.