December 14 2023: Ruto’s Kenya Kwanza government ran its campaign with the promise of a transformative economic model – the “bottom-up” approach. According to the government, this model is aimed at uplifting Kenyans at the bottom of the economic pyramid, particularly Micro, Small and Medium Enterprises (MSMEs).
In the plan, President Ruto pledged to allocate Ksh.50 billion to the MSME sector, giving birth to the concept of the “hustler fund,” which was envisioned as a mechanism to provide accessible and affordable loans with low-interest rates to MSMEs. However, the “Hustler Fund,” touted as a lifeline for MSMEs, is facing its own set of challenges. Analysts argue that the Hustler Fund has the capability to change the business environment for small-scale businesses but is not living up to its intended purpose.
