Kenyans in need of credit will from tomorrow 1st December 2022 be allowed to apply for loans via the Hustler Fund by dialing *254# across all networks.
The code will be operational to all Safaricom, Telkom, or Airtel phone numbers.
Interested applicants will then be asked to dial their ID number and select a pin number. Once one accepts the terms and conditions, one will be added to the Hustler Fund.
A ‘Hustler Fund app’ will also be available to access the funds.
The loans in the personal finance product will range from KES 500 to a maximum of KES 50,000.
Money in this category has to be repaid within 14 days at an interest of eight percent, which will be calculated pro-rata or on a daily basis.
The fund also has an aspect of the saving component. Every time one borrows, five per cent of the amount will go to a scheme where the money earns interest.
The money will be saved in the National Social Security Fund (NSSF) account of the borrower.
Kenyans aged 18 and above and businesses with a turnover of KES 100 million and below qualify for loans.
Requirements
Among the requirements set by the government for prospective beneficiaries include an age limit that requires applicants to be at least 18 years old.
The responsibility to roll out and implement the plan is bestowed on the Ministry of Co-operatives and MSMEs.
- 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, i.e., either Airtel, Safaricom or Telkom, i.e., either Airtel, Safaricom or Telkom
- Have a mobile money account, i.e., either Airtel Money/M-PESA/T-Kash
- The SIM card in question can/will only be eligible if it has been used for more than 90 days.
- Reside and conduct economic activities in Kenya.
- Provide the Location of residence during the onboarding process (where applicable)
How to Repay Loan
Hustler Fund does not charge a processing fee, save for the five (5) per cent channelled towards saving.
The loan repayment will be made from your Mobile Money account; for example, you can offset the loan manually through the USSD code *254# or mobile app.
