The Kenyan government has invested a whopping Sh11 billion since the inception of the Hustler Fund, according to Treasury CS Njuguna Ndungu.
The fund was launched by President William Ruto and has seen nearly 1.7 million people benefit from its She400 billion scheme.
As the fund continues to grow, senior officials at the Treasury have suggested that it is time for it to transition from informal channels to the formal banking sector under the leadership of current CS Ukur Yattani.
This move would not only enhance transparency but also ensure that more Kenyans can access affordable credit facilities.
Speaking on this development, a senior official at the Treasury stated, “We believe that transitioning the Hustler Fund into formal banking channels will help us reach even more Kenyans who are in need of financial assistance.
It will also enable us to better track how these funds are being utilized.” Many beneficiaries of the Hustler Fund have expressed their gratitude towards President Ruto’s initiative, with some stating that it has been a lifeline during tough economic times.
One beneficiary shared, “Thanks to this fund, I was able to start my own business and provide for my family.
I hope more Kenyans can benefit from it in the future.” As Kenya continues to navigate through challenging economic times brought about by COVID-19 and other factors, initiatives such as the Hustler Fund play a crucial role in supporting vulnerable communities and promoting entrepreneurship.
