Simon Chelugui, the Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises (MSMEs), has announced a comprehensive audit of the Hustler Fund for the current financial year. This move aims to enhance transparency, accountability, and regulatory compliance within the digital platform designed to support small businesses and entrepreneurs in Kenya.
The Hustler Fund, launched as part of the government’s efforts to boost economic empowerment, operates digitally, facilitating financial assistance to eligible applicants. Chelugui emphasized the importance of the audit by the Office of the Auditor General (OAG) in verifying all transactions and ensuring adherence to regulatory standards.
“We are in the process of conducting an audit for this financial year by the OAG that will help to verify all transactions and ensure compliance with regulatory standards,” Chelugui stated, highlighting the government’s commitment to upholding transparency in the management of public funds.
The audit process will scrutinize records within the Hustler Fund platform, including application dates and transaction IDs, which can be accessed under strict data protection guidelines. This measure aims to safeguard sensitive information while allowing for thorough verification of financial activities conducted through the fund.
Chelugui further elaborated on the ministry’s proactive approach, mentioning plans for a live environment audit by the OAG. This audit is intended to assess operational processes in real-time, addressing any operational issues promptly to enhance efficiency and effectiveness in fund management.
“The Ministry of Cooperatives & MSMEs is committed to conducting a live environment audit by the OAG to verify all operational processes and address any outstanding issues promptly,” Chelugui affirmed, underscoring the government’s dedication to ensuring the Hustler Fund operates in accordance with best practices and regulatory requirements.
The Hustler Fund has been a significant initiative in Kenya, providing vital financial support to small businesses and micro-enterprises across various sectors. However, its operations have faced scrutiny in the past, prompting calls for enhanced oversight and accountability measures.
The audit by the OAG is expected to provide assurance to stakeholders, including fund beneficiaries and the public, regarding the fund’s integrity and effective utilization of public resources. It also reflects the government’s ongoing efforts to strengthen governance frameworks and transparency in financial management.
As the audit progresses, stakeholders will await the OAG’s findings and recommendations, which are crucial in ensuring that the Hustler Fund continues to serve its intended purpose of fostering economic growth and resilience among Kenya’s entrepreneurial community.
