Hustler Fund Feted for Changing Lives of Kenyans

Hustler Fund an initiative by President Wiliam Ruto received recognition for changing the lives of Kenyans through various programs and services.

Launched in November 2022, the Fund received the award from Small Business Awards (SBA) – established to recognize key supporters of Small Businesses in Kenya.

The annual gala which was held in Nairobi brought together small business owners, entrepreneurs, industry experts, and community leaders in Kenya.

Hustler Fund Awarded

The Hustler Fund was awarded the prestigious Small Business Supporter of the Year for its exceptional initiatives, programs, and services that have empowered and uplifted small businesses.

Speaking at the event, Rachel Ndungu, CEO for Biashara Africa, emphasized the vital role that small businesses play in driving economic growth and creating job opportunities.

“We believe in the power of entrepreneurship and the immense potential of small businesses. Together, we continue to dedicate our efforts to empowering and uplifting small businesses, by providing them with the resources, programs, and services they need to thrive,” she noted. 

Ndungu added: “The Small Business Awards is one such initiative aimed at fostering a vibrant and resilient community of small business in the country. This is what we love to do, it is what we will continue to champion, it is what we will support.”

Nairobi County Awarded 

During the awards ceremony the Nairobi City County was also recognized as the Most Supportive County.

Also, the event also gave attending entrepreneurs a platform to connect, collaborate, and exchange ideas.

The top 50 finalists of the Small Business Awards were also officially welcomed into the Community of Small Business Leaders during the event.

“We extend our heartfelt congratulations to all the winners of the Small Business Awards 2023. These entrepreneurs have demonstrated exceptional leadership and have set a high standard for small businesses across Kenya.

We are proud to celebrate their accomplishments and look forward to witnessing their continued success,” said Gladys Makumi, Corporate Responsibility and Sustainability Leader, Deloitte East Africa.

Also Read: The Two Women Ruto Trusted to Implement the Hustler Fund Dream

Equity Bank top 

Likewise, Equity Bank was feted the Best Bank of the Year for its commitment to understanding and helping to solve the unique financial needs of small businesses.

Equity Bank’s Managing Director Gerald Warui conveyed the lender’s commitment to supporting small businesses.

He stated, “This award is a testament to our passion to partner with small business owners. We recognize the challenges faced by small businesses and the crucial role they play in our communities.

That is why we are committed to providing them with the necessary financial resources, guidance, and personalized support to help them thrive and contribute to economic prosperity.

Warui added, “Our dedication extends beyond financial assistance as we build lasting relationships, understand specific needs, and tailor solutions. We have specialized teams to address the unique challenges small businesses face, providing personalized guidance, financial advice, and strategic insights to navigate uncertain market conditions successfully.

The Annual Small Business Awards event was hosted by Deloitte East Africa and Biashara Africa, a leading advocate for small businesses.

Hustler Fund Anniversary

Worth noting, Ruto launched the Financial Inclusion Fund widely known as hustler fund in November of 2022.

At the time, he noted more than 15 million Kenyans will benefit from Fund.

He stated that the government would capitalize the Fund which is made up of personal, micro business, SME and start-up loans by allocating Sh50 billion a year over the next five years.

One year down the lane President William Ruto on November 30, 2023, the president marked the first anniversary of the Financial Inclusion Fund.

During the event, Ruto announced that least 2.1 million Hustler Fund customers had been rewarded for saving through the platform.

“More than 1.2 million Kenyans who have conscientiously borrowed or saved through the platform will benefit from this new development,” said Ruto.

Also Read: President Ruto Unveils Second Product of Hustler Fund

Customers Rewarded by Fund

Likewise, Ruto noted that the platform was rewarding Kenyans who had saved, borrowed and repaid diligently with enhanced credit limits.

“I told Kenyans that if you save Ksh2, the government will add you a shilling.”

According to the President, the Financial Inclusion Fund’s main aim was to cushion and mitigate economic shocks for the informal sector. 

Notably, according to reports, the informal sector in the country accounts for more than 80% of the workforce and contributes over 33% of the Gross Domestic Product (GDP).