Since the launch of the Hustler Fund, proponents, naysayers and critics alike have not ceased praising, critiquing, and/or dismissing the fund.
As the emotive debate rages on, the common mwananchi continues to apply to the H-Fund oblivious of whether the fund is good or bad; useful or helpful. Or whether it is the result of a vigorous debate across the political divide. Why is this?
Unlike other credit-lending facilities, the Hustler Fund has three offerings that attract the real hustler: Micro-loan lending, meagre interest rate and friendly repayment terms with minimal repercussions.
To the low-income earner, all else is ‘noise’, especially with the ongoing economic crunch. And with the thought that one will ever visit their shylock again, the fund remains attractive, in fact, very attractive.
The Hustler Fund has given a no-brainer solution. Its preliminary focus is the hustler – ‘the man of small means but big dreams’ – not the seasoned businessman.
Therefore, contrary to the belief that Sh500 is insufficient to start a business, a student can peddle scratch cards worth that amount and earn a profit. Mama Mboga can buy tomatoes, sell, repay and borrow again.
One can purchase a tray of eggs and sell them at a profit. Mama Fua can borrow matatu fare to commute to a far-off estate to wash clothes confident she will repay the loan by close of day.
Yes, with financial discipline, patience and resilience, mwananchi of big dreams can trade with Sh500, earn a profit and create wealth from the bottom up. After all, one’s credit-lending capability grows as you pay back.
Other benefits of the fund are collateral-free credit, instant unsecured loans and the component of saving. Only Fuliza comes close. And while the saving component may not be at the top of the mind recall for the fund customer, the idea of saving is good for the country in the long run.
The fund is currently meeting its mandate. Hustlers have borrowed approximately Sh6 billion, an indicator the fund is timely. As a result, Kenyans should give the fund a chance.
Let us encourage young people to create wealth by borrowing from the fund. When we read too much into its pros and cons, we miss the point. Our attention should be on the real potential and possibilities of the fund.
We can inject positive energy into the H-Fund idea. It may revolutionise wealth creation in Kenya. And if at all it will fall short, it has at least mitigated a gap that was created by tough economic times and given a soft landing to needy mwananchi.
Law student, The University of Nairobi
