Gachagua’s remarks have reignited debate over whether the government’s flagship financial inclusion initiative has delivered meaningful economic benefits to ordinary Kenyans, particularly small traders, young entrepreneurs and informal-sector workers.
Speaking about the programme, Gachagua argued that access to small loans should translate into tangible improvements in people’s livelihoods.
He said he was yet to hear of a Kenyan who had expanded a business courtesy of the Hustler Fund, raising questions about whether the initiative has achieved its intended purpose.
The Hustler Fund was introduced by President William Ruto’s administration as part of its economic transformation agenda.
The programme was designed to provide affordable credit to individuals, small businesses, groups and cooperatives that often struggle to access traditional bank loans because of stringent requirements and high interest rates.
Its supporters have maintained that the fund has helped millions of Kenyans access credit and encouraged financial inclusion.
However, critics have continued to question whether the loans are large enough to enable entrepreneurs to establish or substantially expand sustainable businesses.
Gachagua’s criticism comes amid broader political debate over the government’s economic policies and the cost of living.
He has repeatedly accused the administration of placing too much financial pressure on ordinary Kenyans while failing to provide sufficient economic opportunities.
According to his argument, a successful government credit programme should not merely provide temporary financial relief.
Instead, it should enable beneficiaries to increase their stock, acquire productive assets, employ additional workers and ultimately grow their businesses.
The former Deputy President’s comments are therefore likely to generate renewed scrutiny of the Hustler Fund and the experiences of its beneficiaries.
Some entrepreneurs may view the programme as a useful source of emergency capital while others may argue that the amounts available are insufficient for meaningful business expansion.
The controversy also highlights a larger question facing Kenya’s economic policymakers: whether affordable credit alone can transform small enterprises without addressing other challenges such as taxation, inflation, market access, electricity costs and declining consumer purchasing power.
As the political temperature rises ahead of the 2027 General Election, economic programmes are expected to become a major battleground.
Leaders seeking public support will increasingly be judged not only by the promises they make but also by whether ordinary Kenyans can see measurable improvements in their businesses and household incomes.
Gachagua’s remarks have consequently added fresh pressure on the government to demonstrate the practical impact of the Hustler Fund and explain whether its beneficiaries are achieving the long term economic empowerment that was promised when the programme was launched.
