President William Ruto has staunchly defended the Hustler Fund against growing criticism, describing those who oppose it as “merchants of doom” peddling misinformation. Speaking during a high-level roundtable with the private sector in Nairobi, Ruto dismissed claims that the fund is a failure, instead hailing it as a transformative tool for economic empowerment.
The Head of State revealed that the Hustler Fund has disbursed over Ksh.72 billion to 26 million Kenyans and mobilized Ksh.5 billion in savings. He argued that the fund has become a lifeline for millions of micro-entrepreneurs across the country, providing them with working capital through accessible micro-loans.
“Our critics the naysayers, the perpetual pessimists would have you believe that the Hustler Fund is a total failure,” Ruto said. “They say this because they either do not understand or refuse to acknowledge the daily realities of the millions of Kenyans this fund was designed to empower.”
Ruto took particular issue with reports citing high default rates, saying such claims distort facts. He asserted that the Hustler Fund’s recovery rate stands at 83.3%, closely mirroring that of the formal banking sector, which records 83.6%.
However, a recent report by the Kenya Human Rights Commission (KHRC) paints a different picture. Titled ‘Failing the Hustlers’, the report claims the initiative suffers from a 68% default rate, warning that the fund is fiscally unsustainable and could burden the national treasury. The KHRC states that for every Ksh.500 loan disbursed, Ksh.340 is effectively lost, primarily due to widespread defaults.
Co-operatives and MSMEs Cabinet Secretary Wycliffe Oparanya dismissed the KHRC findings, accusing the rights body of using flawed data and biased methodology. “Professionalism demands a response from key players. The conclusions made are keen to sentence the Fund to death without trial,” he stated.
Despite the mounting scrutiny, Ruto vowed to stay the course and continue empowering Kenyans at the grassroots level. “I will not be distracted by merchants of doom and negativity,” he affirmed, emphasizing that reforms and citizen-focused programmes will remain at the heart of his administration’s agenda.
