Kenyans have borrowed close to half a billion shillings, hours after the Hustler Fund was launched
CS Chelgui said that over 1.14 million Kenyans have registered for the fund and over Sh408 million has been sent, barely 24 hours after it was launched by President William Ruto.
The Hustler fund was launched as a digital financial inclusion initiative to improve financial access to credit for personal loans, and micro, small, and medium-sized enterprises (MSMEs) loans.
The first phase of the launch involved the activation of the personal finance product which provides loans ranging from Sh500 to Sh50,000.
The loan limits for this product will be a minimum of Sh500 up to a maximum which will be determined by the borrower’s credit score and capped at Sh50,000.
The increase in limit will be dependent on the individual customer’s performance on consistent loan borrowing and repayment on time.
The limit shall be reviewed and adjusted based on the borrowing and repayment history of previous Hustler Fund loans taken.
How to Apply for Hustler Fund Loan via USSD
- Applicants will be required to dial the USSD code *254#
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and press OK to continue
- Confirm loan details
- Enter Mobile Money pin
- Receive SMS notifications on Loan allocation
How to Apply for Hustler Fund Loan via Mobile App
- Enter mobile app from any mobile network operator
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and press OK to continue
- Confirm loan details
- Enter Mobile Money pin
- Receive SMS notifications on Loan allocation
If approved, 95% of the funds will be transferred to your mobile money account.
he remaining 5% will be transferred to your savings account for the Hustlers pension programme.
Requirements to apply for Hustler Fund Loan
- Must be a Kenyan citizen of 18 years of age and above
- Must have a valid national Identification Card (ID)
- Must have a registered mobile number from a recognized Mobile Network Operator in Kenya (Airtel, Safaricom or Telkom)
- Have a mobile money account (Airtel Money, M-PESA or T-Kash)
- Must have used the SIM card in question if it has been used for more than 90 days.
- Must live and conduct business in Kenya.
- Must provide residence during the onboarding process (where applicable)
How to Repay Hustler Fund Loan
Other than the 5% that is used for saving, Hustler Fund does not impose a transaction fee.
Kenyans can repay their loans by following the commands via USSD code *254# or mobile app.
