- President William Ruto launched the NYOTA project at Mumias Sports Complex in Kakamega on Friday
- He argued that Kenyans who took out small Hustler Fund loans and did not repay hindered their own progress
- The government blocked Hustler Fund defaulters from accessing the KSh 50,000 NYOTA grant
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
President William Ruto has slammed Kenyans who defaulted on their Hustler Fund loans.
Source: Facebook
Ruto argued that defaulters deprived themselves of the chance to increase their borrowing limit and enhance their standard of living.
Why did Ruto criticise Hustler Fund defaulters?
Speaking on Friday, November 7, at the NYOTA Programme’s launch at the Mumias Sports Complex in Kakamega county, the president reiterated that people who took out small loans and did not repay hindered their own progress within the fund system.
“Kuna watu walichukua mia tano na wakahepa. Hasara ni yako. Wewe jipange! Kwa sababu sahizi ungekuwa unachukua elfu hamsini lakini kwa sababu ulichukua mia tano, unahangaika nayo. Tumieni akili bwana.
Translated to:
“Some people took KSh 500 and vanished. You bear the loss. You ought to get your act together. You would be receiving KSh 50,000 by now, but you are still struggling with the KSh 500 since you took the KSh 500 and defaulted. Please use common sense.”
What next for Hustler Fund defaulters?
However, the president assured individuals who defaulted that they would not be coerced into repayment.
He said borrowers are free to repay at their own pace and resume borrowing when they are ready.
“Relax, nobody is after you for the KSh 500 you disappeared with. Please get your act together. Come and borrow KSh 1,000 once you are back on your feet, and you’ll continue to rise gradually from there,” he stated.
Ruto emphasised that the Hustler Fund was launched to assist young people starting small businesses, mama mboga, boda boda riders, and small-scale entrepreneurs in progressively growing their businesses.
He said that the strategy allows borrowers to progressively improve their creditworthiness, moving from low-value loans to higher ceilings as long as repayments are consistent.
Source: Facebook
What is the NYOTA project?
The president explained the NYOTA programme, which he said was established to provide young people with the opportunity to engage in income-generating activities, skills, and mentorship.
The initiative offers young people from disadvantaged backgrounds structured routes to financial independence by combining training, loan availability, and enterprise support.
At least 100,000 young people nationwide will have access to a KSh 50,000 grant, funded by the government and the World Bank, amounting to KSh 5 billion.
“I want to reassure you that it’s okay to start small. There is a future,” he added.
Will Hustler Fund defaulters access NYOTA funds?
Earlier, TUKO.co.ke reported that Ruto’s administration excluded over 9 million Hustler Fund defaulters from the NYOTA business grants.
The government insisted that defaulters would be blacklisted until they cleared their loans.
On September 12, Susan Mang’eni, PS for the State Department of Micro, Small, and Medium Enterprises Development, said that borrowers had not yet repaid KSh 5 billion.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
