President William Ruto has hit back at mounting criticism over the performance of his flagship financial inclusion program Hustler Fund, accusing critics of misinforming Kenyans.
Speaking during the Presidential Private Sector Roundtable, Ruto strongly defended the Hustler Fund, accusing detractors of fabricating narratives to discredit an initiative that has provided vital working capital to millions of Kenyans at the bottom of the economic pyramid.
“The Hustler Fund has a repayment rate of 83.3 per cent, similar to that of banks — what exactly are these people telling us?”“We will not be distracted by the merchants of doom and negativity,” he said. “Those who, when facts do not serve their agenda, resort to fabricating narratives to prop up their falsehoods.”The Head of State touted the Hustler Fund as a major success, revealing that over KSh72 billion had been disbursed to 26 million Kenyans since its launch under the Financial Inclusion Fund.
He also noted that the initiative had mobilised more than KSh5 billion in savings.
Critics, however, have claimed the programme is failing, citing what they allege to be a 60 per cent default rate.
Ruto dismissed this as a “deliberate distortion,” asserting that official figures place the recovery rate at 83.3 per cent — closely matching the 83.6 per cent average for the formal banking sector.
“To them, a micro-loan of KSh1,000 seems too small to matter,” he said. “But that’s only because they have never walked in the shoes of those who have been locked out of the financial system for generations.”He accused the fund’s detractors of lacking empathy for ordinary Kenyans like mama mboga, boda boda riders, and jua kali artisans, who rely on such loans for their livelihoods.
Despite the criticism, Ruto reaffirmed his administration’s commitment to building a fair and inclusive economy, calling on the private sector to remain a steadfast partner in this mission.
“We remain unfazed in building a new, inclusive, fair and equitable society,” he said.