President William Ruto has stated that the Financial Inclusion Fund, commonly known as the Hustler Fund, has liberated many Kenyans who were previously blacklisted by Credit Reference Bureaus (CRBs). Speaking at an event, Ruto emphasized that the fund has provided an alternative to predatory lending and helped restore creditworthiness for borrowers.
The Hustler Fund, launched in November 2022, offers affordable loans to individuals and small businesses. According to government data, over 21 million Kenyans have registered for the fund, with disbursements exceeding KSh 40 billion. The fund aims to promote financial inclusion and reduce reliance on high-interest digital lenders.
Ruto noted that the fund has enabled borrowers to repay loans without the risk of being listed on CRBs for default, as the fund does not report to CRBs in the same way as commercial lenders. This has allowed many to rebuild their credit history and access formal financial services.
However, critics argue that the fund's impact on CRB blacklisting is limited, as many borrowers still face challenges from other lenders. The government has not released specific data on the number of Kenyans removed from CRB lists due to the Hustler Fund.
