President William Ruto has disclosed a low default rate in the Hustler Fund loan products.

Speaking during the opening of the World Chambers Federation Africa Summit in Nairobi on Wednesday, April 9, 2025, Ruto hailed the credit facility, revealing that it had recorded a 90 per cent repayment rate.

The head of state told various business and industry leaders who attended the summit that, despite not demanding collateral, Kenyans were willing to honour their debt obligation and grow their credit score.

He further detailed that most borrowers were attracted to the product due to low interest rates.

“If you look at the MSME sector, they pay very high interest rates yet they still make money. If there were a financial innovation that has products like we tried we the Hustler Fund,” Ruto stated.

“It is amazing today that despite the fact that it has no collateral, up to 90 per cent repayment is happening. You would expect that a financial product that has no collateral and therefore individuals would have no incentive to pay back, but they are paying back because they see the value of the low interest they get in that product and that is why repayment is all the way up to 90 per cent,” he added.

Woo partners

While praising the credit facility, which is among his brainchild initiatives launched after ascending to the country’s highest office, the head of state implored various capitalists to tap into the idea.

With proper investment, Ruto indicated that the facility can be scaled up to benefit more Kenyans in need of affordable credit.

“These are innovations that can be rolled out and scaled up, and we are looking at partners who can work with us,” Ruto told various industry players who attended the event.

The product has undergone various changes, including raising the limit for Kenyans in different sectors. In November 2023, Ruto said Kenyans will be able to borrow more as the fund increased borrowing limits by up to 100 per cent.

“Additionally, for those who have demonstrated a commitment to saving, and your savings exceed your loan limit, we will double your credit limit,” he said.

Immediately after assuming office, Wycliffe Oparanya, the Co-Operatives and Micro, Small and Medium Enterprises (MSME) Development Cabinet Secretary, urged Kenyans with pending debts to clear them.

“Take loans, do your business and repay. Because there is another who will use that money to do their business too. You can not fail to repay loans,” he said.