By John Kariuki
Principal Secretary for Micro, Small and Medium Enterprises (MSMEs) Development, Susan Mang’eni, has called for an additional Ksh 5 billion allocation to the Hustler Fund in the upcoming financial year, underscoring its critical role in driving economic inclusion and empowering small businesses.
Appearing before the National Assembly’s Committee on Trade, Industry and Cooperatives, PS Mang’eni emphasized the growing demand for affordable credit among Kenyans and the need to sustain the momentum achieved since the fund’s launch.
“The demand for financing continues to rise. We are registering new borrowers daily, and those already in the system are transitioning into higher loan brackets,” she noted. “To sustain this growth and ensure MSMEs across the country continue to access affordable credit, we are requesting an additional Ksh 5 billion.”
Since its inception in 2022, the Hustler Fund has disbursed Ksh 65.7 billion to over 10 million Kenyans. Of this, Ksh 53.2 billion has already been repaid, with over 9 million active borrowers currently servicing their loans. The fund has enabled many to move into higher credit tiers, thanks to consistent repayment histories.
The Hustler Fund was introduced as a cornerstone initiative to support financial inclusion and stimulate entrepreneurship at the grassroots level. It has since attracted more than 25 million registered users, offering accessible financing to individuals and groups historically excluded from formal credit systems.
While MPs acknowledged the fund’s impact, concerns have been raised about loan repayment and the long-term sustainability of the program. In response, PS Mang’eni reiterated that the Ministry is not seeking to write off any loans. Instead, it is focused on reinforcing recovery mechanisms and ensuring a disciplined lending environment.
“We are working on mechanisms to safeguard the fund,” she said. “Our goal is to support more Kenyans while maintaining a disciplined, efficient, and accountable system. We are keen on ensuring repayment and enhancing our risk management frameworks to maintain the viability of this program.”
Mang’eni’s presentation reflected the government’s continued commitment to uplifting MSMEs and building a sustainable, inclusive economy. As the country seeks to accelerate job creation and economic empowerment, the Hustler Fund remains a vital pillar in the government’s development agenda — anchored in transparency, innovation, and results.
0 $type={facebook}:
Post a Comment
Note: Only a member of this blog may post a comment.