Kenya’s Hustler Fund Is a Flop. Why President Ruto’s Plan to Loan Money to Entrepreneurs Hasn’t Worked
It’s two years since Kenyan president William Ruto, in what seemed like a political gamble, rolled out a government-run microcredit scheme popularised as the Hustler Fund. Worth 50 billion shillings (US$409 million) a year over a five-year period, the low-interest loans were touted as the “magic formula” to start or grow micro, small and medium businesses. Now the fund faces an uncertain future owing to a high default rate. Eric Magale, who studies the complex relationship between finance, livelihoods and development, explains what went wrong.
Photo courtesy of JeongGuHyeok.
Source: The Conversation (link opens in a new window)
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