This Sacco ,IT DOES NOT BUILD A BETTER LIFE to any Kenya.
Their motto is satirical.
How many of such Saccos will swindle Kenyans for the Government to wake up and act?
A probe ordered by the Commissioner of Co-operatives David Obonyo in April last year unearthed irregularities such as fictitious dividend payments, manipulation of financial books and irregular lending.
The probe also revealed an overstatement of the institution’s premier loan facility by an excess of Sh7 billion due to suspected disbursements to non-existent members of the Sacco.
1. Hustler fund has no committees, No paper work and needs zero connections to access. You only need your phone and a Registered sim card.
2. Hustler Fund will be clustered into 3 products:
a) Individual Borrowing (Ksh 500 - Ksh 50,000)
b). Group Borrowing (Ksh 50,000 - Ksh 250,000)
c). SMEs and Co-operative Borrowing.
3. 5% of the borrowed amount is automatically saved ie. if let's say you borrow Kshs. 10,000, ksh. 500 goes to your Savings . You will be able to access 30% of your savings after 6months, 70% after you hit the age of Retirement through NSSF.
CBK said that before a charter is handed over for operation by the CBKto any microfinance, they usually assure the CBK that they will operate TRANSPARENLY.
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By "OPERATING TRANSPARENTLY" means:
1. Availing THE SIGNED AGREEMENT to the customer.
2. Availing PAYMENT STATEMENT to the customer on REQUEST.
3. Not selling repossessed assets at undervalue and with the knowledge of the customer.
But 98% of the people who have loans do not have a copy of the agreement they signed because some of these #MicrofinanceInstitutions refuse to give them the agreemen.
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There is this JUDGEMENT from small claims court where one of the #MicrofinanceInstitutions had SUED a customer claiming Ksh. 700k from the customer.
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The customer had taken a loan of 1.3M.
Repaid about 900K and defaulted for one month.
The Microfinance institution repossessed the car valued at 2.5M and sold it at 1.5M.