President William Ruto has defended the Hustler Fund, describing it as one of the most impactful financial inclusion programmes in Kenya’s history, even as the Kenya Human Rights Commission (KHRC) urges for its shutdown.

Speaking in Kakamega County on Tuesday, August 12, 2025, during International Youth Day celebrations, Ruto said the fund has opened doors to affordable credit for millions who were previously locked out of formal lending.

He noted that so far, Sh72 billion has been disbursed to more than 26 million Kenyans.

“This is the biggest initiative of its kind, with a clear impact on our people. We have mobilized Sh5 billion in savings and recorded nine million repeat borrowers, showing the trust and benefits it offers,” he said.

According to the President, five million beneficiaries have also improved their credit scores, giving many young people their first chance at building a financial history.

His remarks come days after KHRC released a report criticizing the Hustler Fund as unsustainable and politically driven. The report claimed the initiative, launched in November 2022 with a Sh50 billion seed fund, has not delivered real financial empowerment for low-income earners.

While disbursement figures are high, KHRC argued that the small loan amounts, often between Sh500 and Sh1,000 for first-time borrowers, are too little to meaningfully grow businesses or create jobs.

By September 2024, the fund had already given out over Sh53 billion, yet KHRC said there was no visible boost in enterprise growth or employment creation.

The watchdog concluded that the programme’s structure was flawed and served more as a political slogan than a workable economic plan, calling for it to be scrapped entirely.

Ruto, however, insists the numbers tell a different story, saying repeat borrowing and better credit ratings among participants prove the Hustler Fund is working and changing lives across the country.