More than 27 million Kenyans have tapped into the Hustler Fund since its launch, with President William Ruto announcing that government lending under the programme has now approached Sh90 billion as efforts continue to widen access to credit for small businesses and low-income borrowers.
Speaking during the 2026 World MSME Day celebrations at the Kenyatta International Convention Centre (KICC) in Nairobi on Saturday, Ruto said the fund has become a key part of the government's plan to bring more Kenyans into the formal financial system and support enterprise growth.
The President said the programme has delivered more than loans, pointing to the savings accumulated by beneficiaries who had previously struggled to access mainstream financial services.
“Through the Hustler Fund, we have disbursed close to Sh90 billion to more than 27 million Kenyans and mobilised over Sh6 billion in savings from citizens the banking system had long written off,” he said.
Ruto said the government's push to increase financial inclusion has also involved addressing barriers that prevented millions of Kenyans from accessing credit.
He noted that many borrowers who had been negatively listed are now being given an opportunity to regain access to financial services and rebuild their records.
“We have also given more than eight million negatively listed Kenyans a second chance. Already, over two million have rebuilt their credit standing and rejoined the formal economy,” he said.
The President said a new National Credit Score framework is being developed to create a fairer borrowing system by taking into account an individual's repayment habits and financial conduct.
“Character and behaviour, not just a title deed or a logbook, should unlock financing,” he said.
Ruto linked the reforms to the government's broader agenda of strengthening micro, small and medium enterprises, which he described as the backbone of the country's economy.
He said the sector accounts for 98 per cent of all businesses in Kenya, contributes more than 40 per cent of the country's gross domestic product and provides over 90 per cent of non-farm employment opportunities.
To make it easier for entrepreneurs to start and run businesses, the President said the government has expanded access to public services through digital platforms and reduced registration costs.
According to Ruto, more than 25,800 government services are now available through the citizen platform, while the cost of registering a company has dropped from Sh50,000 to about Sh11,000.
He added that efforts are also underway to harmonise business licensing procedures across counties and create more opportunities for young entrepreneurs through government-supported programmes.
Even so, Ruto acknowledged that limited access to affordable financing remains one of the biggest obstacles facing small enterprises.
He said the country's MSME financing deficit currently stands at about Sh3 trillion and urged banks and other private lenders to work alongside government programmes to close the gap.
“Government funds can catalyse and prepare our people for credit. But government alone cannot close a Sh3 trillion financing gap,” Ruto said.