Cooperatives and MSMEs Development Cabinet Secretary nominee Wycliffe Oparanya has said he was opposed to the Hustler Fund because he had not known its facts.
Speaking on Sunday when he appeared before the Committee on Appointments, he said now he has been briefed about the Fund and understands it better.
"I think this Fund, if well managed, is a Fund that will take our people from poverty," he said.
He however said the Fund was launched in a hurry without proper legal structures in place.
Oparanya noted that from Sh13 billion, the Fund's turnover is now at Sh55 billion.
Out of this, he said, 21 million people have been involved in the repeated borrowing and Sh43 billion has been recovered.
"So, there is Sh12 billion which has not been recovered. However, there is a strong digital infrastructure that they can determine who has the money. The only problem is that there is no legal framework to recover the amount," he said.
Ruto launched the Financial Inclusion Fund on November 30, 2022, and was aimed at benefiting 15 million Kenyans.
He said the facility would also liberate people from predatory lenders.
“We are establishing a culture of saving, investment and social security,” he said.
He said the government was keen on creating opportunities for millions of people at the base of the wealth pyramid.
