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The Special Funds Accounts Committee has asked the management of the Financial Inclusion Fund (FIF), commonly known as the Hustler Fund, to submit a comprehensive list of loan defaulters, detailing their names, amounts owed and contact information per constituency.
Β This follows revelations that the Fund, which has disbursed over KShs.13 billion, has a default rate of 78 percent.
Β The meeting that was presided over by Chairperson, Hon. Fatuma Zainab (Migori County), saw the Principal Secretary, Ms. Susan Mangβeni and Acting Chief Executive Officer (CEO), Ms. Elizabeth Nkukuu questioned over the Fundβs management.
Β Responding to Siaya County MP, Hon. Christine Ombaka's inquiry about debt recovery, Ms. Nkukuu said the Fund aims to recover Kshs.7 billion owed by 13 million Kenyans who have defaulted. She added that they were considering enforcement measures via Mpesa accounts and mobile airtime deductions.
Β βWe are exploring the possibility of recovering the funds from Mpesa or airtime linked to defaulters. This is still under deliberation as we work towards securing the necessary legal provisions,β she said.
Β Legislators expressed concerns over the authenticity of the reported default figures, underscoring the need for a critical analysis of the evidence.
Β The Committee adjourned the meeting after learning that the Fund was yet to present the required documentation to the Office of the Auditor-General. Members stressed the importance of resolving the 19 outstanding audit queries. She attributed the delays to miscommunication and a shortage of qualified staff within the Fund.
Β Lawmakers also questioned the Fund's ability to manage substantial taxpayer funds without adequate personnel and raised concerns about the Fund's lack of risk management, questioning whether the funds were insured.
Β The Ag. CEO told the Committee that the money was not insured, prompting further deliberation on the need for a risk assessment to safeguard taxpayer funds.
Β Hon. Fatuma asked the Fund's management to submit detailed reports to the Committee within two weeks.Β
