SHE MEANS BUSINESS| From Hustler Fund to NYOTA: PS Susan Mang'eni on Sustainability, Savings & Small Businesses

Speaking on She Means Business, Mang’eni explained the thinking behind the Hustler Fund and the transition to the National Youth Opportunities Towards Advancement (NYOTA) programme, while also addressing concerns surrounding foreign traders operating micro business in Kenya following pronouncements by President William Ruto about protecting local businesses.

Mang’eni said the Hustler Fund was designed to address a gap in access to affordable credit, particularly for people who were unable to obtain financing through conventional financial institutions. She described the intervention as an attempt to address a market failure rather than simply provide handouts.

The Hustler Fund has since mobilised billions of shillings in loans and savings, while NYOTA has introduced a broader model combining entrepreneurship support, training and savings.

Mang’eni also explained what could happen to young people who applied for NYOTA but did not benefit from the initial funding. The government has been exploring additional funding to bring more applicants into the programme after the overwhelming demand exceeded the initial number of available opportunities.

Her comments come at a time when questions over who gets to do business in Kenya have taken centre stage.

President William Ruto's recent remarks on foreign-owned small businesses triggered anxiety among East African traders, with hundreds of Burundians seeking assistance at their embassy in Nairobi. The government has since said that the exercise is intended to regularise undocumented foreign businesses and workers, while insisting that registered foreigners will continue to enjoy legal protections.

Mang’eni's said that Kenya takes its obligations as a member of EAC seriously and is not out to chase away traders from the region.