This Hustlers Fund idea keeps on mutating. It is now turning into an unrecognisable mongrel. It is obvious the idea was never properly thought out. The fund's intentions are not economic but political.
#HustlerFund 🧵
#HustlerFund 🧵
Before setting up another fund we should have studied what happened to Youth Fund, Women Fund and Uwezo Fund. There is nothing to show for all the money poured into these things.
2/8
2/8
When the Youth Fund was established in 2005, I was one of the people who participated in a forum to give views on how it should be run. That time I was the Chairman of the Kenya Association of Young Entrepreneurs which I founded soon after we left campus.
3/8
3/8
I suggested then that the funds should be disbursed based on merit. I opined strongly that funding should be a reward for effort and not just mere ideas. Some of these issues were ignored due to populist pressure and the results are there for all to see.
4/8
4/8
There are many reasons why businesses are doing poorly. Money is hardly the highest ranking issue. We need to lower the cost of living and doing business. This will increase people's purchasing power and businesses will thrive once again.
5/8
5/8
Today is not 2005. We have developed a digital financial system which can disburse credit to those who need it in a manner which will guarantee repayment and sustainability of the fund. There is no need to reinvent the wheel.
6/8
6/8
The best way to disburse this money is to use the existing infrastructure. Let Safaricom create a credit product for businesses to be disbursed based on ones Till or PayBill number transaction history.
7/8
7/8
This way the funds will go to those who are best placed to utilise it productively. Repayment will be guaranteed and sustainability will be assured.
8/8
8/8
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