In the regulation published on Friday, The National Treasury Listed offences that will see Kenyans fined up to 10 million Kenyan shillings or Serve a Five year Jail Term.
Among the offences, One of them includes misappropriation of the hustlers funds which will be launched on 1st December and its assets that will be officially referred to as the Financial Inclusion Fund. The Government also stated the providing falsified information during the application for the fund will also attract the prescribed penalties.
For one to be eligible for the Hustlers fund, Kenyans must be above 18 years old and be a holder of a national identity card (ID CARD). They should also be members of micro, small and medium enterprises, SACCO societies, Chama and table banking groups or any other registered association.
In the Event, The Cabinet Secretary Of treasury Njuguna Ndungu Stated the following "A person as having an official duty or being employed in, or in connection with the administration of these Regulations, fails to deal with all documents, information, returns and forms relating to applications for loans or to the granting of loans under these regulations as secret and confidential also commits an offence"
He continued and Said "any person having possession of, or control over, or access to, any documents, information, returns or forms and communicates anything contained therein to anyone other than a person to whom he is authorized by the Board to communicate it"
"Otherwise than for the purposes of these regulations, commits an offence and shall be liable to a fine not exceeding Ksh10 million or a term of imprisonment not exceeding five years, or to both,"
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