Auditor General Nancy Gathungu report has revealed Hustler Fund disbursed Sh31.8 million to Underage and “Unborn” borrowers in the 2023/24 financial year.
According to the report, 1,186 children, aged between 10 days and 17 years, received a total of Ksh 681,395 from the Hustler Fund.
Moreover, 42,981 individuals with future birth dates received Ksh 31,135,690.
Auditor General exposes how underage Kenyans received Ksh31M from Hustler Fund. Photo: Courtesy.
The Auditor General has also disclosed that approximately Ksh 9 billion of the fund’s total loan receivables remained outstanding for more than one year as of 30 June 2024.
Furthermore the report reveals that 1,041 accounts whose principal amounts had not been fully repaid were closed.
The loans disbursed through these accounts totalled Ksh 1.5 million, but they were closed after only Ksh 646,870 had been repaid.
The Hustler Fund was launched by President Ruto back in 2022, targeting to provide accessible financial support to small businesses and entrepreneurs across the country.
The Fund consists of four products under the fund, including personal finances, microloans, SME loans, and Startups.
Last year president Ruto had revealed that more than two million borrowers on Hustler Fund would increase their borrowing limit by as much as 300 per cent.
