18.2 Million Kenyans Benefit from Sh44B Hustler Loans – Ruto

February 14, 2024

President William Ruto said yesterday that the Hustler Fund has disbursed loans totaling Kes.43.7 billion (USD 280 million) since its rollout in November 2022.

Addressing the World Governments Summit in Dubai on Tuesday, Ruto emphasized the significance of the kitty in providing accessible credit and financial services to Kenyans. He highlighted that 18.2 million Kenyans had registered on the platform during the period under review.

“In an economy fueled by the informal sector, which accounts for over 70% of employment and contributes more than 75% to the GDP, our transformation agenda requires the urgent provision of affordable credit and financial inclusion to the majority.

He added, “The Hustler Fund has played a crucial role in achieving this goal, freeing millions from predatory lenders through a digital lending and savings platform powered by our telecommunications companies. Affordable credit has now become a regular feature in the day-to-day operations of our MSME sector. Currently, the Hustler Fund boasts 18.2 million customers and has disbursed USD 280 million in its inaugural year of operation.”

Ruto also restated his government’s commitment to advancing the digitization of its services, intending to complete a full transition to digital systems by the end of 2024.

“In the last one year, we increased the number of digitally accessible government services from 5% to over 80%. The goal is to make the government 100% digital by the end of this year,” Ruto said.

He also addressed climate change, emphasizing that Africa has the potential to emerge as a central hub for a green industrial revolution. He highlighted the idea that sustainable development can take place without compromising economic growth.

“Green industrialisation in Africa will simultaneously address unemployment, reduce inequality, and discourage migration while enhancing manufacturing efficiency and industrial sustainability,” he said.

“All it takes is an investment, which calls for a measure of boldness and intentionality, like that which channeled investments that turned the deserts of the Middle East and give us flourishing, futuristic centres like Dubai.”

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