HOMA BAY, Kenya – President William Ruto has issued a status report of the Hustler Fund, a digital financial inclusion initiative designed to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMES) in Kenya.
According to the president, the Hustler Fund has so far supported over 25 million borrowers, disbursed Sh70 billion, and mobilised Sh4.5 billion in savings.
“It has also introduced a revolutionary credit rating system that is transforming access to finance for millions who were previously excluded from the formal financial system,” said President Ruto.
How the Hustler Fund credit rating system works
The head of state, who spoke when he presided over this year’s Madaraka Day national celebrations at the Raila Odinga Stadium in Homa Bay County, stated that the Hustler Fund credit rating system is designed to offer a fair and transparent assessment of creditworthiness.
“It serves as an alternative form of soft collateral for individuals at the base of our economy, the historically excluded majority who lack access to formal financial guarantees such as payslips, title deeds, or other traditional forms of collateral,” explained President Ruto.
President Ruto, who was accompanied by his deputy, Kithure Kindiki, and former prime minister Raila Odinga, among other dignitaries, disclosed that to date, over 4.5 million beneficiaries with strong credit scores have qualified for increased loan limits.
“Notably, 400,000 of them are now eligible for loans of up to Sh150,000 without any other collateral except their credit score, bringing them into direct engagement with commercial banks. This effectively integrates them into the mainstream financial system, unlocking greater economic opportunities,” said President Ruto.
Why did the government initiate the NYOTA project
As part of this financial empowerment program for those at the base of our economy, I am pleased to announce that the president said that in recognition of the immense potential of the country’s youth, their critical role in the economy, and their capacity for creativity and innovation, the government has partnered with the World Bank to roll out the Sh20 billion National Youth Opportunity Towards Advancement (NYOTA) project.
“This initiative aims to empower over 800,000 youth aged 18–29 years and up to 35 years for those with disabilities, by enhancing employability through skills training, on-the-job experience, recognition of prior learning, entrepreneurial development, and the promotion of a savings culture,” the president further said.
According to the head of state, the NYOTA Project leverages the Hustler Fund platform and has already attracted over 1 million applicants for its business support component.
“This initiative targets at least 70 youth per ward across the country, offering grant funding, business training, and market linkages. We have committed Sh5 billion in grants to support 100,000 young people, each receiving Sh50,000 in seed capital to start their entrepreneurial journey by August this year,” President Ruto explained.
