Hustler Fund hits Sh70 billion in disbursements to over 25 million Kenyans
Ruto also announced that the government had rolled out a nine-band credit scoring system designed to create formal credit histories for borrowers who lack traditional collateral, enabling them to qualify for bigger loans.
President William Ruto has announced that the Hustler Fund has disbursed nearly Sh70 billion to more than 25 million Kenyans since its inception, as the government intensifies efforts to improve access to affordable credit.
The Hustler Fund, which was unveiled on November 30, 2022, targets individuals and small businesses who traditionally lack access to formal credit. It offers personal loans ranging from Sh500 to Sh50,000 and larger amounts between Sh50,000 and Sh1 million, for groups such as chamas and cooperatives.
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“To date, over 25 million Kenyans have accessed nearly Sh70 billion through the Fund, with over Sh4.5 billion mobilised in savings,” Ruto said on Thursday during the Labour Day Celebrations.
According to the President, more than 4.5 million borrowers have earned A and B credit ratings, qualifying them for the Hustler Fund Bridge product, which links them to commercial banks and offers higher loan limits.
“Already, more than 4.5 million borrowers with A and B ratings have qualified for the Hustler Fund Bridge product, linking them to commercial banks and paving the way to the formal credit market. Over 400,000 have transitioned to this product, with some accessing up to Sh150,000,” he said.
He also announced that the government had rolled out a nine-band credit scoring system designed to create formal credit histories for borrowers who lack traditional collateral, enabling them to qualify for bigger loans.
“We have also introduced a nine-band credit rating system to formalise credit histories and unlock new opportunities for those without traditional collateral,” he said.
He emphasised that the development marks a significant step in the country’s journey toward inclusive financial empowerment, especially for those previously locked out of the formal credit system.
“These borrowers are the future of our enterprise economy,” he added.
He further hailed the potential of the micro, small and medium-sized enterprises (MSME) sector in driving employment and economic growth.
“The MSME sector remains the greatest untapped reservoir of employment in Kenya today. Our commitment to unlocking its potential is resolute. The Hustler Fund continues to deepen financial inclusion and support entrepreneurship at scale,” Ruto said.
The President also expressed optimism about Kenya’s improving domestic savings culture. He said the government had made tangible progress through the implementation of the NSSF Act, which mandates a six per cent contribution by both employees and employers.
“Until 2023, the average Kenyan worker saved just Sh200 a month through the National Social Security Fund (NSSF). Over a span of 60 years, we collectively as a nation managed to save only Sh320 billion,” Ruto said.
“In 2023, we operationalised the law mandating a savings contribution of 6 per cent by both the employee and employer, and the result has been remarkable and impressive. In just two years, we have mobilised Sh280 billion in national savings, nearly equal to what was saved over six decades.”
The Head of State projected that by the end of 2024, Kenya will have doubled its cumulative savings from the past 60 years and aims to raise more than Sh1 trillion in national savings by 2027.
“By the end of this year, we will have doubled that 60-year figure, and by 2027, we project to have raised over Sh1 trillion in domestic savings. Kenya’s savings-to-GDP ratio currently stands at between 10 and 12 per cent. My intention is to raise this to 25 per cent in the medium term,” he said.
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