“It’s Changing Lives”: Ruto Defends Hustler Fund Amid Calls for Its Abolition

President William Ruto has strongly defended the Hustler Fund, dismissing growing calls for its abolition as “politically motivated and disconnected from the realities on the ground.” Speaking during a public event in Uasin Gishu, the Head of State described the fund as a lifeline for millions of ordinary Kenyans, especially those in the Small, Medium, and Micro Enterprises (SMMEs) sector.

“Some people are sitting in boardrooms writing reports and saying Hustler Fund should be scrapped. These are the same people who have never felt the pressure of lacking capital to start or sustain a biashara,” the President stated.

 The Controversy

Recent reports by a group of economic analysts and policy critics recommended the abolition or restructuring of the Hustler Fund, citing concerns over loan repayment rates, sustainability, and alleged misuse.

However, President Ruto pushed back, emphasizing that the fund has:

• Disbursed billions of shillings in low-interest microloans

• Empowered youth, women, and boda boda operators

• Enabled grassroots businesses to grow without collateral barriers

The Numbers Tell a Different Story

According to the latest government figures:

• Over 24 million Kenyans have accessed the Hustler Fund

• More than Ksh 43 billion disbursed since inception

• A repayment rate of over 65%, contrary to claims of financial failure

“We are not just giving out money. We are building a saving culture and giving dignity to the ordinary mwananchi,” Ruto added.

 Political Undercurrents?

Analysts believe the pushback on the Hustler Fund could be part of broader political maneuvering, especially as opposition voices seek to capitalize on public discontent over the economy. But supporters argue that the fund has filled a credit gap left by traditional financial institutions.

“This is about empowering the hustlers — the mama mboga, the mjengo guy, the kiosk operator. That’s who we serve,” Ruto asserted.

 Background on the Hustler Fund

Launched in 2022 as part of the Kenya Kwanza government’s economic inclusion strategy, the Hustler Fund provides unsecured microloans to citizens via mobile phones, targeting individuals traditionally excluded from mainstream banking.

 Public Reactions

Reactions remain mixed:

• Supporters applaud the fund as a “game-changer”

• Critics question its long-term financial model

• Some SMEs call for increased loan limits and more flexible repayment timelines