President William Ruto has defended the Hustler Fund against growing criticism, saying that his administration is guided by facts and well-thought-out strategies, not political noise.
While addressing members of the private sector in Nairobi, the president dismissed claims that the Hustler Fund has failed, calling such statements misleading and out of touch with reality.
He said the programme was built to uplift ordinary Kenyans and has already shown strong impact on the ground.
Ruto stated that the Hustler Fund has so far given out more than Ksh.72 billion to 26 million Kenyans. He added that the fund has also mobilised over Ksh.5 billion in savings, helping many micro-businesses stay afloat through small loans.
He criticised those who have called the fund a disaster, saying they are either unwilling to see the good or do not understand how the fund works.
According to him, many of these critics make it a habit to oppose anything the government does, no matter how beneficial. He particularly rejected claims that the fund is collapsing due to high default rates.
According to Ruto, the recovery rate of the Hustler Fund stands at 83.3%, which is nearly the same as what commercial banks in Kenya manage, at 83.6%. He accused critics of spreading false figures like the alleged 60% default rate, calling it a deliberate attempt to mislead the public.
He insisted that the fund is working well and empowering millions of Kenyans.However, the Kenya Human Rights Commission (KHRC) painted a different picture.
In a report titled ‘Failing the Hustlers’, KHRC claimed that the fund is financially unstable and risks turning into a burden on taxpayers.
The report said the default rate had reached 68% by December 2022, and for every Ksh.500 loan disbursed, Ksh.340 ends up being lost. KHRC argued that the government is now being forced to borrow more money through Treasury bills to keep the fund running, which could hurt the economy in the long run.
Ruto, however, said he will not be distracted by what he called merchants of doom and negativity. He promised to stay focused on reforms and economic inclusion. His sentiments were echoed by Co-operatives and MSMEs Development CS Wycliffe Oparanya, who strongly disagreed with KHRC’s findings.
Oparanya said the commission used flawed data and unfair analysis to attack the fund. He added that no serious conclusion should be made without involving all the key players.
Despite the back-and-forth, the Hustler Fund continues to divide opinion. While the government insists it is helping the most vulnerable, questions about sustainability, repayment, and transparency remain.
