Wycliffe Oparanya stood on the podium, his voice rising above the restless murmurs of the crowd. He wasn’t here for pleasantries. The Cabinet Secretary for Co-operatives and MSMEs had a mission—to plead, to persuade, to beg Kenyans.
“Repay the Hustler Fund loans,” he urged, almost imploring.
But the crowd wasn’t buying it. A wave of heckling rolled through the rally. Defiant voices shouted, “We won’t pay!”
Oparanya paused, taking in the resistance, before continuing. He explained how the defaults—94% of them—were hurting small businesses. Short-term loans, the lifeblood for many hustlers, were drying up. The government’s purse for the fund had shriveled, dropping disbursements by over 93% last year.
“You’ve been asking how to get loans,” he said, his tone almost fatherly. “The Hustler Fund is the answer. But you have to repay. This money is for everyone.”
Still, the defiance was palpable.
The Hustler Fund was President William Ruto’s bold brainchild, a microcredit program launched in 2022 to empower small businesses. Loans ranged from Ksh500 to Ksh1,000. Tiny amounts, sure, but they were supposed to spark entrepreneurial growth.
Instead, the money vanished into household needs. Bread, school fees, maybe a new phone. Business investments? Only 18% of borrowers used the loans as intended.
Now, with billions gone and repayment rates abysmal, the fund teeters on the brink.
Oparanya’s Plan
Oparanya isn’t here to sugarcoat the situation. He’s clear: the government will track defaulters. “For those 19 million people,” he warned, “I am coming for you to make sure you pay.”
He revealed striking stats:
- 52% of borrowers are men, 48% are women.
- 61% are youth.
- Even seniors above 60 years have borrowed.
“This isn’t free money,” Oparanya reminded everyone. “It’s public money. Repay it so others can benefit too.”
A Divided Nation
Critics have a lot to say. They argue the fund’s small loan amounts don’t empower businesses. They claim its purpose—lifting hustlers from poverty—is failing.
But Ruto remains optimistic. Last November, he touted the Hustler Fund’s achievements. His administration even rolled out a new product aimed at SMEs, targeting borrowers with good credit histories.
“This is about financial inclusion,” Ruto said. “We’re unlocking potential, strengthening SMEs, and building an economically resilient nation.”
The Hustlers’ Dilemma
For many, it’s a catch-22. Pay back loans or keep the lights on? Invest in a business or put food on the table?
As Oparanya and Ruto push for repayments, the real question looms: Can the Hustler Fund ever truly work if “hustlers” are just hustling to survive?
For now, Oparanya’s plea hangs in the air, unanswered. Will Kenyans repay the favor—or leave the fund to crumble?