The government has revealed that the Hustler Fund has disbursed over Kes 41 billion to more than 22 million Kenyans since its inception in November 2022.
State Department of Micro, Medium, and Small Enterprises (MSMEs) Principal Secretary Susan Mang’eni said that despite receiving support and criticism, the fund has risen from Kes 39 billion to Kes 41 billion within the past week.
She was speaking when she unveiled plans for an MSME fund supporting small and medium traders.
The ministry was particularly worried about attacks on such traders by county government officers, most notably in Nairobi.
Additionally, she reiterated the government's commitment to establishing an MSMEs fund tailored for the informal sector.
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"The only opportunity now we have to create massive jobs to our population is the MSME sector because out of the workforce of 20 million, only 3.5 are formally employed," said the PS.
On his part, State House MSME advisor Moses Banda emphasized that bringing more people into the mainstream would result in job creation.
He outlined the government's role in setting standards and preventing exploitation, citing the positive impact demonstrated by the Hustler Fund and financial inclusion.
"The more people we bring to the mainstream of MSMEs and financial inclusion, the more we create jobs. Government role is basically to set standards and to ensure that its people are not exploited, and this is what the Hustler Fund and financial inclusion has demonstrated," Banda stated.
