Banks caught between Ruto's lending push and rising bad loans
President William Ruto has criticized Kenyan commercial banks for failing to provide affordable credit to small businesses despite high profits. He pointed to the government's Hustler Fund as a model for sustainable, low-interest lending.
Why it matters
This conflict highlights the ongoing struggle between the Kenyan government's economic agenda and the private banking sector's lending practices.
President William Ruto has renewed his criticism of Kenya's cash-rich commercial banks, accusing them of denying millions of small businesses access to affordable credit despite posting record profits. His strongly worded remarks have reignited the long-running standoff between the government and the banking sector. Speaking during the World MSME Day celebrations in Nairobi, the President challenged lenders to rethink their business models, pointing to the government-backed Hustler Fund as proof that profitable lending is possible at single-digit interest rates. Premium Article Get Full Access for Ksh299/Week. Uncover the stories others won't tell. Subscribe now for exclusive access. 🔥 Flash Sale ! Subscribe now and enjoy 50% off monthly and annual plans. Offer ends in…
The article presents the President's stance while acknowledging the broader economic context of the banking sector.
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