Ruto terms Hustler Fund largest financial inclusion programme since independence
Ruto said the fund has transformed access to finance, enabling 800,000 business owners to borrow up to Sh150,000 without collateral.
Over Sh80 billion has been disbursed through the Hustler Fund, reaching seven million Kenyans since the initiative’s launch, President William Ruto has said.
Speaking on Thursday during his State of the Nation address at Parliament, Ruto said the fund has transformed access to finance, enabling 800,000 business owners to borrow up to Sh150,000 without collateral. He also noted that three million small businesses, previously excluded from formal banking, are now fully banked.
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He described the fund as the largest financial inclusion programme since independence, adding that it has helped repair the credit histories of those who were previously blacklisted.
“The Hustler Fund has now reached over seven million Kenyans. Those who were blacklisted have since repaired their credit. Three million small businesses that were locked out are now back, and two million are frequent borrowers,” Ruto said.
He further highlighted the opportunities it has opened for young entrepreneurs.
No collateral
“Through the fund, 800,000 entrepreneurs are accessing over Sh150,000 without collateral. This has never happened before at this scale,” he said.
However, the President emphasised that access to credit alone is not enough to sustainably transform lives, pointing to the government’s youth-focused Nyota programme.
“But credit alone is not enough. That is why we launched the Nyota programme, one of the most ambitious youth empowerment efforts we have undertaken,” Ruto said.
He explained that Nyota is designed to equip young people with practical skills, industry exposure, and real economic opportunities.
The programme aims to uplift 820,000 unemployed youth over the next five years through apprenticeships, recognition of prior learning, entrepreneurship grants, digital skills training, savings support, and capacity-building for government procurement under the Agbo programme.
Once fully implemented, Nyota is expected to place 90,000 young people into work or enterprise, certify 20,000 in skills, capitalise 110,000 businesses, support 190,000 savers, and build the capacity of 600,000 more.
Reflecting on Kenya’s progress over the past 62 years, Ruto called for a national shift in mindset.
“We have made commendable progress, but Kenya is still below its true weight. We must cast off the prevailing mindset of being content with the average. We must step beyond the comfort of the familiar and the ordinary, and reach with courage, clarity and conviction, for nothing less than excellence and greatness,” he said.
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