President William Ruto on Thursday, 30th November presided over a ceremony to mark the first anniversary of the Financial Inclusion Fund, popularly known as the Hustler Fund.
Notably, the fund, which was part of Kenya Kwanza’s signature pledge, was launched exactly one year ago following a nod from the Cabinet.
According to President Ruto, the Financial Inclusion Fund’s main aim was to cushion and mitigate financial shocks for the informal sector.
The informal sector in the country accounts for more than 80% of the workforce and contributes over 33% of the Gross Domestic Product (GDP).
“The core objective of the fund is to offer holistic financial solutions targeting people at the bottom of the pyramid,” said President Ruto.
Notably, as the fund turns a year old, two women have been at the Inclusion fund’s driving seat.
Ladies Driving the Fund
First, under the fund’s regulations, the Ksh50 billion kitty allocated was set to be managed by a board comprising of several members.
Among them would be the Principal Secretary of the State Department responsible for Micro, Small and Medium Enterprises (MSMEs) or a representative.
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This meant that Susan Auma Mang’eni, the PS State Department of MSMES would be part of the board.
Following her appointment, Susan has been a driver of the financial inclusion fund.
Notably, Auma is a politician who vied and lost two elections, including the Busia Women Representative seat in 2022, after vying under the UDA ticket.
However, PS Auma who has engaged in politics for over a decade was awarded by President Ruto for her loyalty.
She is a Bachelor of Political Science and Public Administration graduate from the University of Nairobi.
Additionally, she holds a Masters in Entrepreneurship Development.
Also, PS Susan Auma is an alumnus of the 2011 International Visitors Leadership Program (IVLP) a US State Department Exchange Program.
Furthermore, she is a network member of the Mandela Institute for Development Studies (MINDS), and the Women Democracy Network (WDN).
Hustler Fund CEO
In addition, part of the board also features the acting CEO of the hustler fund, Elizabeth N. Nkukuu.
Elizabeth Nkukuu holds a Bachelor of Science in Actuarial Science from the University of Nairobi and is currently pursuing her Doctor of Philosophy (PHD) Degree in Business Administration (Finance) from the same institution.
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Additionally, she holds a Master of Business Administration (MBA), also from the University of Nairobi.
Nkukuu has vast experience in the Financial Services sector with a key focus on Investment Management in the Pension and Personal Wealth Creation programs.
The Hustler fund CEO, who is passionate about wealth creation, has been working as a Financial Literacy training and Advisor.
During the Hustler Fund anniversary ceremony, President Ruto announced that 1.2 million Kenyans who have saved Ksh 6,000 will receive an additional Ksh 3,000 in their accounts by December 1, 2023.
“7 million Kenyans were condemned in the CRB system we have repaired their credit (record) 2 million are active borrowers of the hustler fund,” added Ruto.
Latest data released by the government shows that out of the Sh50 billion offered, Sh39.5 billion has been disbursed from a total of 52 million transactions.
