President William Ruto has defended the Hustler Fund, calling it a successful and transformative initiative despite ongoing criticism from civil society groups and political opponents.
Speaking during a roundtable meeting with private sector leaders in Nairobi, the president said the fund had delivered real economic benefits to millions of ordinary Kenyans.
“The critics — the merchants of doom and negativity — will not derail our mission. The Hustler Fund is working, and it’s here to stay,” said Ruto.
Launched in late 2022, the Hustler Fund was designed to offer affordable loans to micro, small, and medium enterprises (MSMEs), especially targeting low-income earners and informal sector entrepreneurs.
According to the president, since its inception:
Over Ksh.72 billion has been disbursed to 26 million Kenyans.
More than Ksh.5 billion has been saved through the program.
It continues to provide vital working capital for small businesses across the country.
The Kenya Human Rights Commission (KHRC) recently released a report titled “Failing the Hustlers,” which paints a grim picture of the program’s performance.
Key points from the KHRC report include:
A 68% loan default rate, claiming for every Ksh.500 given, Ksh.340 is lost.
Warnings that the Fund could increase pressure on government borrowing.
A claim that the program lacks a sustainable structure for long-term empowerment.
KHRC cited data showing rising defaults as early as December 2022, with the repayment rate falling below expectations within weeks of launch.
In response, President Ruto dismissed the KHRC findings as inaccurate and misleading, noting that official government data shows a loan recovery rate of 83.3%, nearly matching the 83.6% rate of commercial banks.
“These critics either don’t understand how the Fund works, or they are intentionally twisting the truth,” Ruto said.
Co-operatives and MSME Development Cabinet Secretary Wycliffe Oparanya also weighed in, accusing KHRC of using flawed methods to “kill the Fund without giving it a fair chance.”
“Professionalism demands data-driven arguments, not rushed conclusions based on incomplete information,” Oparanya stated.
Despite the criticism, President Ruto said his administration is focused on expanding the fund’s reach and improving support for small businesses.
He reaffirmed his commitment to economic inclusion and bottom-up empowerment, saying that policies like the Hustler Fund are central to his development agenda leading up to the 2027 General Election.
“We are not going backwards. We will continue building a Kenya where every hustler has a fighting chance,” he concluded.
