Confusion as Ruto Contradicts Oparanya on Hustler Fund Defaulters
President William Ruto praised Kenyans on Saturday for effectively utilizing the Hustler Fund, highlighting their commitment to borrowing and timely loan repayment.
During the homecoming ceremony for Cabinet Secretary Wycliffe Oparanya in Kakamega, the Head of State noted that 80% of borrowers had successfully cleared their loans.
Ruto further announced plans to inject an additional Ksh3 billion into the fund, aiming to incentivize Kenyans and attract more borrowers.
Expressing his confidence in Oparanya’s leadership, Ruto emphasized the need for strategic policies that could enable increased borrowing through higher loan limits.
“Every day, 50,000 Kenyans access the Hustler Fund for loans. This is the initiative you will oversee,” Ruto remarked.
“So far, Ksh52 billion has been borrowed, and the majority of borrowers are responsible, with 80% repaying their loans. However, some have yet to settle their debts,” he noted.
The president also acknowledged the challenge of defaulters and stressed that measures would be taken to address the issue.
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“CS, I’ve allocated an additional Ksh3 billion to the Hustler Fund, with Ksh1 billion already released to the managing State Department,” Ruto announced.
Ruto’s remarks followed a day after CS Oparanya issued a stern warning to defaulters, announcing the government’s plan to track down those who had failed to repay their loans.
Speaking at the Kenya Private Sector Alliance (KEPSA) Annual Conference, Oparanya revealed that out of 21 million borrowers, 19 million had defaulted, pushing the default rate to 90.48%.
“For those 19 million defaulters, we will ensure you pay back so others—and even you—can continue benefiting,” Oparanya warned.
“We are developing a tracking system to locate defaulters, and soon you’ll have someone knocking at your door, reminding you to repay the Hustler Fund.”
Ruto’s statements come as concerns grow over the high default rates, which threaten the sustainability of the Hustler Fund.
Late last year, the National Treasury reported that 9.9 million borrowers had defaulted, accounting for 27% of all loans issued.
Confusion as Ruto Contradicts Oparanya on Hustler Fund Defaulters
