President William Ruto has reiterated his promise to Kenyans that the Hustler Fund will be officially launched in December.

Ruto said that on Saturday while speaking to residents of Kirinyaga County during the commissioning of the new Thiba Dam.

The Head of State said the Hustler Fund will help all Kenyans to do their business.

The president said cooperatives, SACCOs and development groups will be used to distribute the funds at low-interest rates.

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“I want to assure you the plan to establish the Hustler Fund will be ready before December this year. We are already developing and testing it… so when I am organising that, you should also organise yourselves,” Ruto said.

Ruto reiterated that only people who will have joined cooperative groups will benefit from the Sh50 billion annual kitty because the groups will act as their guarantors.

"The way to organise yourselves is through SACCOs, groups and cooperatives so that we can have places where nobody will ask you about the load security. Security will be your group," the president said.

According to Ruto, the funds will be distributed through the organisations, which will be necessary for monitoring and deterring misappropriation.

The funds will be distributed at interest rates below 10 per cent.

However, Ruto cautioned that no money is free and therefore nobody should expect free government money.

“There’s no free money or is there anyone who wants free money here? Isn’t everyone in need of money to do business and later refund it? As long as the interest rate is low of a single digit,” Ruto said.

“You organise yourselves and you receive that money… you think I will bring government money and dish it out aimlessly only for it to disappear? Mustn’t there be an arrangement to avoid the loss of money?” he posed.

The president also explained his reason for putting up a ministry to take charge of the funds and ensure accountability and accessibility.


“I have created a special ministry that will be in charge of cooperatives, SMEs, groups and SACCOs because that is the only way, nobody will ask about the security of the funds and you will receive the funds at low-interest rates,” Ruto said.

During his campaign, Ruto promised to set up a Hustler Fund where Kenyans would get money for business at low-interest rates.