The government has disclosed that the Hustler Fund has distributed more than Ksh.41 billion to over 22 million Kenyans since its establishment.
Despite facing both support and criticism, the fund has experienced a significant increase in borrowing, climbing from Sh.39 billion to Sh.41 billion in the past week.
Acknowledging the challenges encountered by small-scale traders, the State Department of Micro, Medium, and Small Enterprises (MSMEs) has announced plans for a dedicated MSME fund to assist these traders.
The ministry has expressed concerns about attacks on such traders by county government officers, particularly in Nairobi.
Susan Mang’eni, the Principal Secretary for MSMEs, highlighted the government’s commitment to establishing an MSMEs fund tailored for the informal sector.
She emphasized the importance of the MSME sector in creating jobs, noting that out of a workforce of 20 million, only 3.5 million are formally employed.
Moses Banda, the MSME advisor at State House, underscored the significance of bringing more people into the mainstream for job creation.
He outlined the government’s role in setting standards and preventing exploitation, citing the positive impact demonstrated by the Hustler Fund and financial inclusion.
“The more people we bring to the mainstream of MSMEs and financial inclusion, the more we create jobs.
The government’s role is basically to set standards and to ensure that its people are not exploited, and this is what the Hustler Fund and financial inclusion has demonstrated,” Banda stated.
President William Ruto, during the first-anniversary celebration of the Hustler Fund program on November 30, revealed that Sh.28 billion had already been repaid, with Sh.1.9 billion saved through the fund.
Launched on November 30, 2022, by President Ruto’s government, the individual fund aims to directly empower MSMEs.
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