The government has clarified that the Financial Inclusion Fund-popularly known as the Hustler Fund-was allocated Sh20.2 billion, with a portion designated for lending and the rest set aside for asset counterpart funding.
Susan Mang'eni, the Principal Secretary for Micro, Small and Medium Enterprises Development, explained that the fund's initial capitalization included Sh12 billion for loans and Sh8 billion for asset counterpart funding.
The latter was meant to match the long-term or pension savings of Hustler Fund beneficiaries, in accordance with Public Finance Management (Financial Inclusion Fund) Regulations 2022, Article 7.
Her remarks come amid audit concerns questioning the whereabouts of Sh8 billion for the year ending June 2023. "The Sh8 billion in question, which had been allocated as counterpart funding to match the long-term savings of the Hustler Fund, was not drawn down from the National Treasury," Mang'eni clarified in a statement.
