A board that will manage and oversight the Sh50 billion Hustler Fund is set to be launched next week as President William Ruto seeks to seal legal loopholes surrounding the fund.

This has been revealed by Cooperatives and MSME Development Cabinet Secretary Simon Chelugui in the move aimed at enhancing the smooth operation of the popular fund.

Chelugui said his ministry had already forwarded some names of those expected to serve in the board to the relevant state agencies for background checks before they are approved.

“Part of my responsibility is to carry out diligent assessment of each name. I have sent the names to the agencies involved and I believe we will be able to gazette the names next week,” said the CS.

The CS made the revelations on the Hustler Fund at the sidelines of the ongoing cabinet retreat being chaired by President Ruto at the Mt Kenya Safari Club in Nyeri County.

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He added that the government was already well on course to roll out a “bigger” second Hustler Fund product designed for MSMEs, Saccos, Chamas and Startups.

According to CS Chelugui, the easy loan product will be launched in February and will offer Kenyans a higher loan limit, which will range from Sh100,000 to Sh2.5 million.


Similarly, the Cabinet Secretary has revealed that a total of Sh13.1 billion had already been disbursed to “hustlers” by Friday, according to the latest data in possession of his ministry.

He says out of this, Sh5.6 billion had been repaid, accounting for 42 per cent, and the 17.7 million borrowers had saved Sh659 million since Hustler Fund was unveiled in December.