YVONNE'S TAKE: Hustler Fund, Hustler loss

And now, with billions of shillings in default and the government audaciously seeking to pump in even more money, the mask just may have slipped.

Kenyans were told that the Hustler Fund would liberate them from the clutches of “predatory digital lenders.” It would be the beginning of a new economic dawn for the “hustler nation.” 

There were grand declarations from the President himself calling out banks for their exclusionary lending models, and promising to usher in a kinder, more accessible credit regime. 

It didn’t stop there, the credit reference bureau were also in the firing line, with the credit rating system castigated as unfair, and that the Hustler Fund would eliminate CRB blacklisting fears. 

And for a moment, the nation bought the dream.

But here we are. Less than two years later, over 10 million Kenyans have defaulted, and the government is now prepared to write off KSh 6 billion of unpaid loans. 

Let that sink in. Ksh.6 billion, gone. Just like that. No accountability. No recovery plan. No consequences.

Instead of going back to the drawing board, the government now wants another Ksh.5 billion added to the fund. If this weren’t so tragic, it would be comical.

Let’s call this what it is: financial populism. A quick fix for the campaign trail, with no rigorous planning behind it.

The fund was rolled out without sufficient legal safeguards, with little clarity on who qualifies, how recovery would work, or what mechanisms were in place to prevent abuse. 

Even banks, yes, those same institutions that were vilified for their lending models, quietly raised red flags.

But the political momentum was too strong. The optics were too appealing. Who wants to be the person standing in the way of free money?

But now, the chickens have come home to roost.

The truth is this: access to credit is not empowerment unless it's accompanied by responsibility, structure and a plan. Empowerment isn’t simply handing out money and hoping for the best. Empowerment is building systems that endure. Systems that balance inclusion with sustainability.

The Hustler Fund failed to do that.

It was easier to score political points by vilifying digital lenders than it was to create a robust, fair and accountable lending system.

It was easier to promise zero collateral and low interest than to explain how such a model could be protected from mass default. It was easier to call it a revolution than to admit it was an experiment built on fragile foundations.

Now, the government wants more money for the same broken model. With no apology. No reflection. Just more of the same.

But Kenyans deserve better. They deserve leaders who resist the temptation of populism and put in the hard, often unglamorous work of building solid, evidence-based policy. 

They deserve transparency about what works and what doesn’t. And above all, they deserve to be treated not as voting blocs to be pacified with handouts, but as citizens capable of engaging with real, honest solutions.

We must stop rewarding political theatrics disguised as economic reform. The Hustler Fund may have won votes. But it has failed Kenyans. At a hefty price. And it’s time to say that, plainly and firmly.

That’s my take.