Hustler Fund under scrutiny as MPs probe missing beneficiary and loan records

The Financial Inclusion Fund, popularly known as the Hustler Fund, faced a parliamentary grilling on Tuesday after it failed to respond to key audit queries from the 2022/2023 financial year, including requests for the list of loan beneficiaries, status of unrecovered funds, and accounts for funds not yet in circulation.

During a tense session at the Parliament Buildings, Chairperson of the Special Funds Accounts Committee, Ms Fatuma Mohamed suspended the meeting and demanded that the Fund provide all outstanding documents within seven(7) days.

“What we have witnessed today is a mockery of this Committee. We will not accept excuses. Kenyans deserve clarity,” said the Migori Woman Representative.

Members of the Committee questioned why details of fund disbursements, unrecovered loans, and tracking of beneficiaries’ progress had not been submitted despite repeated requests for over a year.

The omission, they warned, raises concerns over whether funds were managed transparently.

The newly appointed CEO, Mr Henry Tanui insisted that “no money has been lost.”

He however admitted that only Sh1.4 billion of the Sh14 billion allocated from the Exchequer is currently in circulation.

MPs countered that unrecovered loans effectively amount to taxpayer losses, questioning the Fund’s recovery mechanisms.

“The loans are tied to ID numbers, and we will provide all relevant records,” Mr Tanui said.

But Committee members pressed him on why this information had been withheld for so long.

Vice-Chairperson Mr Rahim Dawood raised further alarms, suggesting that some funds may have been disbursed to fictitious accounts.

The North Imenti MP accused the Permanent Secretary of hiding behind the CEO.

“We have been chasing these documents for almost a year,” he said.

The Committee also hinted at recommending a special audit to track the remaining funds and assess whether proper procedures were followed in distributing public money.

“This is the last chance. We must account to the people. We need proper details of who got what money and what has happened since,” said Ms Fatuma firmly.