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President William Ruto has revealed that an Eldoret-based ‘shylock’ was the inspiration behind the creation of the Hustler Fund.
Speaking during the Private Sector Roundtable held in Nairobi on August 6, Ruto defended the Hustler Fund and dismissed criticism from those who have labelled it a failure.
“From my place to Eldoret Town, there is a place called Maili Tisa where people sell many things. There is a fellow who comes there with Ksh10,000. He lends someone in the morning Ksh100, and they have to pay with an interest of 10% in the evening. That good man, sometimes called Shylock, does this daily. There are Kenyans who pay 10% interest daily,” Ruto said.
“Why we rolled out the Hustler fund was for three financial reasons. That is why we called in financial inclusion funding with banks, it was not meant to replace credit but to help in market failure.”
Ruto Explains Why the Hustler Fund Was Rolled Out
Ruto further explained that the Hustler Fund was rolled out to support micro-businesses and help them grow.
As a first step, the government removed over 7 million Kenyans from credit blacklists, giving them a fresh start. He noted that the government now has access to data on the credit behaviour of 26 million Kenyans.
“We have 650,000 Kenyans whose positive credit behaviour has qualified them for bridging loans,” the President said.
“They can now borrow up to Ksh 150,000 without providing any physical collateral. Their only collateral is their history of responsible credit behaviour.”
Also Read: Kenyans Who Refused to Pay Hustler Fund Loans to be Forgiven
New Collateral System
He added that the government has developed a new lending system that does not rely on traditional forms of collateral, such as title deeds or physical assets.
He revealed that individuals borrowing between Ksh 5,000 and Ksh 10,000, along with micro-businesses, have collectively accumulated savings amounting to KSh 5 billion over the past three years through the Hustler Fund mechanism.
Also Read: Exposed: Ruto’s Hustler Fund was a Trap for Kenyan Businesses
Additionally, he dismissed claims that Kenyans are chronic loan defaulters, stating that such narratives are false and do not reflect the true character of the people.
“Kenyans are honest and resilient; they are not defaulters as some narratives suggest. When given the right mechanisms and support, they prove to be responsible and dependable,” he added.
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