The hustler fund is being launched today, November 30 after receiving a nod from the cabinet on Tuesday, November 29.
Kenyans will get loans from a minimum of Ksh.500 to as high as Ksh. 50,000 at an 8 per cent pro-rated basis or a daily rate of 0.002 per cent.
Moreover, the hustler fund is expected to offer much-needed relief to millions of Kenyans who could not access loans after having been blacklisted by various credit rating agencies.
How to Access the Hustler Fund from your Phone
Kenyans can access the hustler fund through the USSD code *254# and mobile application platforms of any of the mobile network operators in Kenya.
However, this USSD code was not yet operational at the time of publishing, ahead of its launch by President William Ruto.
Moreover, to register an account on the platform, a customer is required to sign up for the fund through the USSD code or the mobile app.
Also Read: Hustler Fund Launch
The customer will then be required to accept the Terms and Conditions to join the fund, then enter their mobile money pin.
After going through the above steps, an SMS will be sent to the customer to notify them of their successful registration and the limit assignment. In addition, in case the registration fails, the borrower will be notified through an SMS.
Nonetheless, a registered customer is required to do the following to apply for a loan:
- Dial USSD code *USSD code# or mobile application.
- 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 as displayed to continue
- Enter Mobile Money pin
- Receive SMS notifications on Loan allocation with relevant loan information.
Furthermore, when a customer borrows, the approved loan will be disbursed to their mobile money account. Out of the total approved loan amount, 95% shall be deposited into the mobile money wallet.
Moreover, the remaining 5% shall be deposited to their savings account scheme of the Hustler Fund
The savings scheme will split savings into 70% long-term and 30% short-term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.
According to Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui, the fund does not have a processing fee.
