Written by The government has finally come up with a framework in which it will use to recover over 10 billion shillings that Kenyans owe the Hustler Fund after borrowing and defaulting to pay back the loan that was to be used primarily for business.
Reports indicated that, a total of 21 million Kenyans took the Hustler Fund loan but out of that number, a total of 19 million Kenyans defaulted the loan and have not paid anything back after taking the loan.
Further reports also indicated that, 70% of the borrowers did not use the loan for the intended purpose. They used the loan to fund their household expenses and therefore they were not able to plough back any capital or profit that could have been generated if it could have been used for business purposes.
The government is now planning to recover those funds by raiding the M-PESA Accounts of the defaulters.
This may not go well with Kenyans because they will feel like their privacy has been tampered with. It may also cause a rift between the M-PESA Customers and Safaricom. They had some times back accused the telco company of colliding with the government to share vital and private information about Kenyans.
The Telco Company however denied those allegations. People are now waiting to hear what they will say now that it has been revealed that the government is planning to recover the money owed to the Hustler Fund by raiding the M-PESA accounts of the defaulters without even their consent.