Treasury published proposed regulations to pave the way for the operationalisation of the much anticipated Hustler Fund.
In the regulation published on Friday, November 11, Treasury outlined four offences that will see Kenyans fined up to Ksh10 million or an alternative jail term of five years.
One of the offences includes misappropriation of the funds and its assets that will be officially referred to as the Financial Inclusion Fund.
Providing falsified information during the application for the fund will also attract the prescribed penalties.
"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," read the proposed regulations.
Given confidentiality in the management of the funds, disclosing private information will also attract a similar fine.
"A 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 or.
"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," read the regulations in part.
To be eligible for the fund, Kenyans must be above 18 years old and a holder of a national identity card.
They should also be members of micro, small and medium enterprises, SACCO societies, Chama and table banking groups or any other registered association.
The funds are set to be launched on December 1 by President William Ruto.
With the fund's operationalisation, Kenyans can take up personal loans, SME loans, and startup loans from the pool of Ksh50 billion.
