President William Ruto has defended the Hustler Fund against mounting criticism, insisting that the initiative has transformed the lives of millions of ordinary Kenyans through accessible and affordable loans.
Speaking at State House, Nairobi, on Tuesday while addressing grassroots leaders from Turkana County, the President revealed that the fund, launched in November 2022, has disbursed Sh72 billion to citizens across the country. Beneficiaries include small-scale traders, popularly known as mama mbogas, boda boda riders, and jua kali artisans.
Ruto dismissed claims that the small loans offered through the scheme sometimes as little as Sh500 cannot make a meaningful impact. “They don’t know that Sh1,000 can purchase stock for someone to do business and progress,” he said.
He also criticized the fund’s detractors, accusing them of arrogance and being out of touch with the struggles of ordinary Kenyans. “Someone takes tea worth Sh2,000 at Serena and asks how Sh1,000 will help anyone,” Ruto remarked.
However, the Hustler Fund has come under scrutiny from various quarters, including the Kenya Human Rights Commission (KHRC). In August, KHRC released a study titled Failing the Hustlers, which flagged concerns about the facility’s sustainability and governance. According to the report, the fund is grappling with a high default rate of 68.3 percent, a net loss of 71.5 percent, and what the Auditor General described as an opaque governance structure.
Despite these findings, Ruto dismissed the criticism, terming it political noise. He argued that the fund’s reach and inclusivity make it one of the most significant financial initiatives in Kenya’s history. “We have 26 million people inside Hustler Fund, there’s no other bank with that kind of customer base,” he stated.
The President also emphasized that defaulters are not subjected to auctions or harassment, highlighting the government’s flexible approach. “Whether you have repaid or not, that’s another story, but everyone here has a Hustler Fund account. No one has ever been auctioned for defaulting because we know one day you will pay.”
With the government keen on expanding financial inclusion, Ruto maintains that the Hustler Fund remains central to his administration’s bottom-up economic agenda.
