Officials told the Committee that the Hustler Fund has disbursed KSh14.4 billion since inception, while the NYOTA Programme has released KSh2.28 billion in start-up capital.

📻 Breaking It Down

NAIROBI, Kenya May 22 – Questions over the sustainability of the Hustler Fund dominated a parliamentary committee session reviewing Micro, Small and Medium Enterprises (MSMEs) Development empowerment programmes.

Lawmakers in the Departmental Committee on Finance and National Planning urged the State Department for MSMEs Development to strengthen financial literacy training before releasing additional funds, saying beneficiaries need better skills to manage loans and grants effectively.

Officials told the Committee that the Hustler Fund has disbursed KSh14.4 billion since inception, while the NYOTA Programme has released KSh2.28 billion in start-up capital.

📌 What You Need to Know

The department is seeking an additional KSh11.3 billion for NYOTA expansion and KSh5 billion to address liquidity challenges facing Hustler Fund borrowers.

However, MPs questioned the fund’s continued reliance on taxpayer funding despite being designed as a revolving facility.

Legislators expressed concern that continued reliance on fresh allocations from the national budget every financial year could undermine the fund’s intended self-sustaining model.

The 41 petitioners are contesting the impeachment process, arguing that constitutional and procedural requirements were not fully adhered to during the parliamentary proceedings

Take notice that the Petitioner, being dissatisfied with the Judgement of the Honourable Justice Richard Mwongo delivered at Embu High Court (The Election Court)...

KBA further cautioned against a proposed 16 per cent Value Added Tax (VAT) on digital payment processing and money transfers, warning that the compounding...

📰 Source: Capital FM Kenya