Nyeri County is expected to host three counties during public consultative forums on the proposed Public Finance Management (Financial Inclusion Fund) (Hustlers Fund) Regulations,2022.
In a memo to PS State Department of Citizens Services, Ministry of Interior National Administration Dr Karanja Kibicho, National Treasury has listed Nyeri, Kirinyaga, Murang’a and Laikipia under Cluster B in the letter dated November 10.
All the 47 counties have been grouped into three clusters with the first group of counties including Meru, Embu, Tharaka Nithi, Isiolo and Marsabit slated to have their public forums on November 14.
All the meetings will run from 8 am to 2 pm.
Respective county Commissioners are expected to mobilize the target groups that will include members from the informal sectors such as Jua kali, bodaboda, small scale traders and agro-based producers.
“In compliance with the Constitution, the Public Finance Management Act,2012 and the Statutory Instruments Act,2013 on public participation, the National Treasury has organized physical regional Town Hall meetings, to receive from members of the public any comments or inputs or memoranda they may have on the said Regulations,” reads part of the memo.
“The purpose of this letter is therefore to request all County Commissioners to attend as well as mobilize groups and members of the public to attend the Town Hall public consultations meetings at the respective venues on the said dates,” continues the letter.
Nyeri County Commissioner Mohammed Barre has confirmed receiving the letter and said they will be issuing communication in regard to the exact venue of tomorrow’s meeting.
He has nevertheless said the county is ready to play host to the regional meeting and that he will be issuing further communication in regard to other logistics.
“It is true Nyeri will be hosting the Public Consultations on the Proposed Public Finance Management (Financial Inclusion Fund) tomorrow and we are ready. Once we confirm the exact venue for the meeting, we will inform you. But it(meeting) is tomorrow, God willing,” he told KNA.
The Sh50 billion Hustler fund was one of Kenya Kwanza’s 2022 campaign promises that proposed to create a revolving fund to help boost the country’s economy by availing affordable credit facilities to small scale business operators.
The money will also be a big relief to small-scale traders such as vegetable vendors, boda boda operators and beauty parlor owner’s majority of who cannot afford the punitive interest rates required by commercial lenders for one to qualify for a loan.
However, to qualify for the Hustler Fund, one must be above18 years and hold a valid national ID card.
Beneficiaries should also be members of Micro, Small, and Medium Enterprises (MSMEs), SACCO societies, merry go rounds and table banking groups, or any other registered association.
Once President Dr William Ruto officially launches the Fund on December 1, a Chief Executive Officer will be appointed to open and operate bank accounts with the approval of a Board and the National Treasury and oversee the day-to-day administration of the Fund.
One of regulations in the management of the money has also spelt stiff penalties for those who violate the provisions detailed in the acquisition, utilization and repayment of the loan including a Sh10 million fine or an imprisonment of up to five years in case of misappropriation.
