Wednesday, August 6, 2025 - President William Ruto has dismissed calls for the abolition of the Hustler Fund, insisting that the initiative continues to empower millions of Kenyans, especially Small, Medium, and Micro Enterprises (SMMEs).
Speaking during a private sector roundtable on Wednesday,
August 6th, Ruto responded to the Kenya Human Rights Commission’s
(KHRC) "Failing the Hustlers" report, which criticized the fund’s
sustainability and effectiveness.
While acknowledging flaws in the programme, the President
maintained that the Hustler Fund, launched in 2022 with Ksh50 billion seed
capital, has created new opportunities for borrowers who lack traditional
collateral.
“Your credit behaviour becomes your collateral,” Ruto said.
“It licenses you to borrow a bigger amount.”
The President also highlighted the Hustler Fund’s bridge
loan product, which has reportedly benefited over 650,000 Kenyans.
He added that the Government now has access to the credit
history of 26 million citizens, allowing banks to assess borrowers based on
digital lending records rather than conventional securities like title deeds or
logbooks.
Refuting KHRC’s claim of a 68.3% default rate, Ruto asserted
that repayment stands at 83%, and accused the commission of elitism for
ignoring the realities of low-income earners.
“These Kenyans have mobilised Ksh 5 billion in savings over
the last three years,” Ruto said. “Let’s not overlook their progress.”
His remarks came a day after Co-operatives CS Wycliffe
Oparanya also criticized the KHRC report, accusing the commission of
misrepresenting the 2022/2023 Auditor General’s findings.
The Kenyan DAILY POST
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