What do you believe is the single most important factor driving up the cost of living in Nigeria?

Cooperatives and Micro, Small and Medium Enterprises Cabinet Secretary Wycliffe Oparanya speaking during the Kenya Private Sector Alliance’s Inaugural Annual SME Conference, Awards, and Exhibition. [James Wanzala,Standard]

Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya has warned defaulters of the Hustler Fund that they will soon be traced to account for the loans they took.

Speaking at the official launch of the Kenya Private Sector Alliance’s Inaugural Annual SME Conference, Awards, and Exhibition, themed "Unlocking SME Financing and Scaling Up Innovation for Accelerated Growth," Oparanya emphasized that defaulters will soon have nowhere to hide.

He noted that the government has introduced initiatives such as the Uwezo Fund, Youth Fund, and Women Fund under constituency, youth, and women ministries. The government is considering merging these initiatives with the Hustler Fund.

“The Hustler Fund was a very innovative digital initiative. However, in the first round, 21 million people borrowed money, but 19 million of them defaulted, leaving only 2 million borrowers who continue to borrow regularly. We plan to recognize and reward those who are good borrowers. There is already one individual who has borrowed up to Sh2 million and is running a successful business,” said Oparanya.

• Read More