President William Ruto has launched a fierce rebuttal of criticism directed at the Hustler Fund, defending the initiative as a transformational tool that has lifted millions of ordinary Kenyans out of financial exclusion.

Addressing the private sector on Wednesday during a presidential roundtable, Ruto dismissed reports that the fund is riddled with non-repayment, describing such claims as “a deliberate distortion of facts.” He cited data showing an 83.3% recovery rate, almost identical to the 83.6% recorded in the formal banking sector.

“To say the Hustler Fund has failed is to deny the lived reality of 26 million Kenyans,” Ruto said. “Only those who have never been locked out of the financial system would consider a Sh1,000 loan insignificant.”

The Head of State took issue with what he termed “perpetual pessimists” who he accused of pushing narratives designed to undermine public trust in government-backed empowerment programs. “We will not be distracted by merchants of doom who fabricate stories to suit their agenda,” he said.

Since its launch, the Hustler Fund part of the Financial Inclusion Fund has disbursed over Sh72 billion and mobilized over Sh5 billion in savings. Ruto noted that the initiative has provided working capital to micro-entrepreneurs such as boda boda riders, mama mbogas, and Jua Kali artisans who were long excluded from mainstream financial services due to lack of collateral and credit history.

Reiterating his government’s commitment to equity and inclusion, Ruto said the Hustler Fund exemplifies the bottom-up model at work. He urged the private sector to partner with the government in scaling up such initiatives that target the base of the economic pyramid.

“Kenyans are honest, resilient, and given the right tools, they rise to the challenge. This fund proves it,” he added.