To fulfill his promise, the Head of State is set to officially launch the hustler fund on Thursday, December 1.
Ahead of its launch by President William Ruto, the Kenya Kwanza government has published regulations to be adhered to if one wants to benefit from the funds.
To qualify for the loan, an individual must be aged 18 years and above, and hold a Kenyan identification card as proposed by Treasury CS Njuguna Ndung’u under the Public Finance Management Act.
Despite the tough qualification, it appears that few Kenyans are willing to apply for the funds to boost their businesses.
This was after the Public Finance Management Act proposed punitive punishments to anyone who will misappropriate or defaulted the fund.
The National Treasury also stated that any beneficiary of the hustler fund who misappropriated or defaulted the fund should be liable to a fine not exceeding KSh 10 million or a term of imprisonment not exceeding five years or both.
Furthermore, Kenyans who will fail to give information, or falsifying information while applying for the fund will attract penalties.
“Otherwise than for the purposes of these Regulations, commits an offense and shall be liable to a fine not exceeding KSh 10 million or a term of imprisonment not exceeding five years, or to both,” read part of the regulations.
The custodians of the funds will attract a fine or a penalty for disclosing private information to anyone apart from those authorized by the board.
“Having possession of, or control over, or access to, any documents, information, returns or forms and communicates anything contained therein to any person other than a person to whom he is authorized by the Board to communicate it; or otherwise than for the purposes of these Regulations,” the regulations added.