By Correspondent
Over Sh80 billion has been disbursed through the Hustler Fund, benefiting seven million Kenyans since its launch, President William Ruto said yesterday during his State of the Nation address at Parliament.
The initiative, which he described as the largest financial inclusion programme since independence, has enabled 800,000 business owners to borrow up to Sh150,000 without collateral. It has also brought three million small businesses, previously excluded from formal banking, into the financial system.
“The Hustler Fund has now reached over seven million Kenyans. Those who were blacklisted have since repaired their credit. Three million small businesses that were locked out are now back, and two million are frequent borrowers,” Ruto said.
“Through the fund, 800,000 entrepreneurs are accessing over Sh150,000 without collateral. This has never happened before at this scale,” he said adding that the programme had opened opportunities particularly for young entrepreneurs.
However, Ruto emphasised that access to credit alone could not transform lives sustainably. He highlighted the government’s youth-focused Nyota programme, designed to equip young people with practical skills, industry exposure, and economic opportunities.
“But, Honourable Members, credit alone is not enough. Many young people do not lack ideas; they lack opportunity. That is why we launched NYOTA, the National Youth Opportunities and Transformation Agenda, one of the most ambitious youth empowerment programmes in our history,” he said.
The Nyota programme aims to uplift 820,000 unemployed youth over five years through apprenticeships, recognition of prior learning, entrepreneurship grants, digital skills training, savings support, and capacity-building for government procurement under the AGPO framework.
Once fully implemented, it is expected to place 90,000 young people into work or enterprise, certify 20,000 in skills, capitalise 110,000 businesses, support 190,000 savers, and build the capacity of 600,000 more.
Reflecting on Kenya’s 62-year journey, Ruto called for a transformative shift in the national mindset, urging citizens to embrace innovation, unity, and a forward-looking approach to drive the country’s progress.