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She highlights initiatives like the Hustler Fund and Nyota project, alongside efforts to simplify business registration and promote formalisation, aimed at boosting job creation and supporting small businesses as part of the government’s bottom-up economic agenda.
The audit noted that certificates for the Fund’s M-Pesa float of Sh38,094,937 and principal floats at other telecoms totaling Sh6,123,170, amounting to Sh44,218,107, were not submitted for verification.
Uwezo Fund disbursed Sh431.4 million for the year ending June 2025, missing its Sh600 million target and reversing the growth seen in 2023-24, when it exceeded Sh500 million following “rigorous sensitisation and relaxation of loaning guidelines” at the grassroots.
The Hustler Fund has already disbursed more than Sh80 billion, benefiting seven million Kenyans directly. “The seven million once blacklisted Kenyans have since repaired their credit,” Ruto said.
The National Assembly’s Special Funds Accounts Committee expressed frustration with CEO Henry Tanui, who could not provide the full records of borrowers, repayments, and fund disbursement, one year after queries were first raised.
PS Mang’eni explained that Nyota is different from the Hustler Fund in both its function and target group.
Principal Secretary in the State Department of Micro, Small and Medium Enterprises Development, Susan Mang’eni, said the total defaulted amount has slightly reduced to Sh5 billion, down from Sh6 billion.
Owalo praised the initiative, noting that it has significantly improved the disposable incomes of many Kenyans, particularly those at the bottom of the economic pyramid.
Tanui, a seasoned financial services professional with more than 24 years experience, has worked at Ecobank, Consolidated Bank of Kenya, and the Industrial and Commercial Development Bank of Kenya.
The PS warned that those who default risk losing the chance to access higher loan limits
Ruto said the Hustler Fund has opened doors to affordable credit for millions who were previously locked out of formal lending
Unlike digital loans that only become visible when someone is negatively listed, Hustler Fund was designed to help borrowers develop a visible and positive credit practice.