President William Ruto has said he has no responsibility over how Kenyans taking Hustler Fund will spend the money.
Speaking during his inaugural state of the nation interview with the media, the president said that it is up to Kenyans taking the loans to decide on how they wish to use it.
“It is not my responsibility to supervise whether the person will buy eggs, chicken etc. Everyone plans themselves the way they know,” said Ruto.
Read: Hustler Fund Set To Lose Ksh22 Billion In Costs Every Year
However, the president stated that he believed the money was making a difference among Kenyans due to the fact that a significant number of those loaned took the money and repaid it.
“Kenyans know how to organize themselves. When they take 1000 or 2000, they will know what business to do. My take is if you see someone taking the loan and repaying it, there is something they are doing.” he said.
President Ruto remained adamant that the move to introduce the Hustler Fund was well-informed and that millions of Kenyans were benefiting from it by helping fund small businesses at a very low daily interest.
Ruto further said that the Hustler Fund will improve the savings options among Kenyans by January 15, where users will be able to save on the platform alongside the 5% mandatory savings deducted from borrowers in every amount loaned.
Read: Why Kenyans Are Unhappy With The Hustler Fund
The president was sceptical about explaining the origin of the Hustler Fund money, where the repayments were being deposited and the safety of the savings made. He told the press that the money was safe and invested in government securities.
He has also refuted claims of the illegality of the fund due to the lack of legal provisions governing the fund, stating that the government will present more details to parliament in February for ratification.
The head of state said there will be a credit scoring at the end of January to rank various persons depending on how they have performed since the birth of Hustler Fund to identify those whose limit should be increased.
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