How Hustler Fund May Shape The Future of Kenya’s Economy
The hustler-fund is perhaps, the biggest achievement Kenya Kwanza has done so far so good.
However, the inception of this grand idea has sparked conversations attracting both negative and positive comments.
A challenge the current administration can not escape is facing critics whose arguments are mainly based on the lack of established structures to oversee the fund and how the exchequer has framed that, of course with the approval of parliament. Nevertheless, Kenya Kwanza has managed to make progressive steps, thanks to their majority in the legislature.
Different regimes have always had their priorities differently. The Jubilee administration when it assumed power in 2013 gave much attention to infrastructure, the reason why electricity and roads reached areas that had never dreamt of such wonders.
The ever-increasing rates of inflation and the lack of alternative means to fulfill the basic needs of millions of Kenyans sparked the conversation on reviving our economy which I suppose was a big win-factor for Dr. William Ruto.
The bottom-up economic model is a perfect model, especially for a developing nation like Kenya. This is because it not only serves the purpose of boosting our economy but also goes further to alleviate poverty. Kenya has been grappling with challenges to do with an alarming rate of credit defaulters. That means many Kenyans especially the youth do not have a positive rating which assists them access credit from lenders like banks.
The hustler fund perfectly dealt with this quagmire.
Structured in a way that negative history can not deter one from accessing the funds and allows gradual growth makes it is one of the smartest things this administration has achieved.
Contrary to critics, Kes. 500 is not that little to assist and smoothen ends of the common mwananchi. If anything, that is how to slowly but surely strengthen the base of the economy where millions of Kenyans are engaged in their economic activities on regular basis.
To sum it up, a wise move will be to establish a concrete structure captured in law to enable it to have legitimacy and also to be able to monitor its progress.
There is also a need to ensure many Kenyans are able to understand what it means and also rally many Kenyans to embrace the fund so that the common pool of funds accrued from the repayment assists millions of other Kenyans.
Kipkoech Kima, Lawyer, and Governance Analyst
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