Hard truths.
The PS pointed out that over Sh73 billion has been disbursed so far, reaching borrowers across the country, while more than Sh5 billion has been mobilised in savings.
Ruto dismissed reports that the fund is riddled with non-repayment, describing such claims as “a deliberate distortion of facts.”
KHRC warns that the structure of the Hustler Fund encourages repeat borrowing without addressing the systemic barriers to economic inclusion
Treasury Cabinet Secretary John Mbadi made the announcement on Thursday during the budget presentation, saying the aim is to improve access to credit for low-income earners and small businesses.
Principal Secretary Dr. Chris Kiptoo stated that up to 50 percent of the revenue collected from the road maintenance levy will be directed toward the securitization initiative.
Despite the high number of defaulters, Mang’eni defended the fund, saying that 9 million borrowers are still active and have continued to repay.
CS Oparanya told the Senate plenary that the fund, launched shortly after the 2022 elections, was mistaken by some borrowers as a reward rather than a loan facility.
In November 2023, President Ruto announced that Kenyans would be able to access higher loan amounts, with the fund raising borrowing limits by up to 100%.