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Hustler membership is for life, You can't opt out - Elizabeth Nkukuu

 

Have you been considering opting out of the Hustler fund?

That will not be happening as this is a lifetime subscription.

Elizabeth Nkukuu, the acting CEO of Hustler Fund has explained the rationale behind this irrevocable commitment.

Once you sign up, the membership is permanent, given the fund's structure, with 70% of investments earmarked for long-term savings.

"You cannot opt out of Hustler Fund. You will remain in the fund because of the 70% that is on long-term savings, you cannot opt-out because you will access your money at 60 when you retire," Nkukuu asserts.

The CEO also said the limits given to individuals will be revised

Initially, people got the funds based on how much they transacted on their Mpesa.

"Every four months, the limit will be revised, after the anniversary, there will be a review of some issues about the hustler fund, and a new rescoring method will be recreated," Nkukuu said on Spice FM.

There have been questions about the Hustler funds operations, including where it gets its seed capital and the regulatory framework in place.

The CEO shed light on the origins of the fund being a government grant and owed up to the fact that a regulatory vacuum persists, but there is work in progress to create oversight.

“There's currently no regulatory body. 70% savings will be regulated by the Retirement Benefits Authority (RBA) and the other will be under the Capital Markets Authority (CMA). So far, the money is in the banking sector, in custody accounts," she explained.



BY  PENINAH WAMBUI

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