Moses Banda, Adviser at the Presidential Economic Transformation Secretariat (PETS), highlighted the transformative impact of the Hustler Fund, emphasizing its role in restoring financial dignity and promoting economic participation among marginalized segments of society. He noted that the fund, with its commitment to non-discrimination based on tribe, political affiliation, or gender, has leveled the playing field for millions at the bottom of the pyramid.
Banda pointed out that the Hustler Fund has disbursed a substantial amount, totaling Sh54.4 billion, within a span of 20 months. This financial support has reached 23.6 million Kenyans, with over 8 million being repeat borrowers. Moreover, the initiative has successfully mobilized KShs. 3 billion in savings, underscoring its positive economic ripple effects.
According to Banda, one of the fund’s significant achievements is its role in demystifying lending processes for Micro, Small, and Medium Enterprises (MSMEs) and other marginalized groups. By simplifying access to loans via mobile platforms, the fund has facilitated easy borrowing, enabling millions to participate more actively in the formal economy.
The adviser emphasized that the Hustler Fund’s success serves as evidence that financing these underserved segments is not only feasible but also economically viable. It has empowered individuals and enterprises alike, illustrating their capacity not only to borrow but also to repay, thereby contributing to broader economic growth and stability.
Overall, Moses Banda’s remarks portray the Hustler Fund as a pivotal instrument for inclusive economic development in Kenya, showcasing its role in fostering financial inclusion and empowering marginalized communities to thrive in the country’s economic landscape.
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