Hustler Fund: Ruto Launches Ksh 1M Loan Products for Chamas & Saccos





President William Ruto, on Thursday, June 1, launched the Second phase of the Hustler Fund which will target Kenyans accessing the funds through groups, inclusive of chamas and Saccos.

The Group Micro Enterprise Loan product will allow Kenyans to apply to take loans of between Ksh20,000 to Ksh1 million.

“I am delighted to announce that during today’s celebrations, I shall be launching the second product of the Financial Inclusion Fund, which is aimed at facilitating people’s access to funding through groups. I am sure that this will be very good news to my good friend Shiko from Ruaka who, like many informal business entrepreneurs, was ready for this innovation even before we launched the first Hustler Fund product,” he announced during his Madaraka Day speech.

The second product of the Hustler Fund, he revealed, will enable groups to overcome exclusion and barriers to participation in credit, savings, social security, health insurance, and other socioeconomic amenities.

“The second product of the Hustler Fund will usher our unique collective-driven competitive market enterprise to the online domain. To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance, and other socio-economic amenities.

“This is how we will use policy and technological innovation to mainstream our way of life. We are committed to leveraging fintech in ensuring that no one is left behind in the financial and entrepreneurial inclusivity revolution,” he added.

Ruto gave statistics revealing that 20.2 million borrowers have accessed Ksh30 billion and repaid Ksh19.7 billion, with 7 million being loyal or repeat customers. Hustler Fund transactions stood at 42.5 million

“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official, or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime, and a few minutes, and they can get money wherever they are.

“On its way to becoming the biggest financial institution by the number of borrowers and active loans effectively, the Hustler Fund also turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one,” he went on.

He added that through Safaricom, 2 million new subscribers have been enrolled in its financial ecosystem.

“Without a doubt, the Hustler Fund has been more than transformational; it is revolutionary.

“This engagement with the business community inspired the creation of the Financial Inclusion Fund or the Hustler Fund. To eliminate the financial cost, delay, and bureaucracy entailed in complying, the facility employs the latest fintech, powered by Kenyan telecommunications corporations.

“The Hustler Fund also re-engineered the idea of collateral by deploying the borrower’s credit score as effective security,” Ruto explained.

Group Micro Enterprise Loan Products (GMELP)- How It Works


  1. Offers amounts between  Ksh20,000 to Ksh1,000,000
  2. Interest rate: 7 per cent per annum on reducing balance and 1.5 per cent default rate 
  3. Repayment in six (6) months from the disbursement date. Borrowers can opt to repay in instalments or lump sums.
  4. Saving: 5 per cent of the approved amount respectively, channelled towards group members’ savings scheme.
  5. The Groups scoring will be appraised through a credit scoring algorithm based on collective individual members’ scores, including but not limited to, their savings and repayment history.


  1. All group members should be Kenyan citizens of 18 years and above with a valid National Identification Card (ID).
  2. A group should comprise of at least five members.
  3. Each member should have an active sim card issued by an approved Mobile Network Operator for the last 90 days. 
  4. The Chama should be a verified relevant government Institution
  5. All group members should not have defaulted on the Personal Loan product.

How To Apply

Kenyans canKenyans can access the Hustler Fund through a USSD code (*254#) and mobile app platforms offered by all the country’s mobile network providers.

  1. Applicants will be required to dial the USSD code *254#
  2. Select the loan request option to view the limit, interest, and loan tenure. 
  3. Enter the loan amount and press OK to continue 
  4. Confirm loan details 
  5. Enter Mobile Money pin 
  6. Receive SMS notifications on Loan allocation
Jakowiti Atwech

Jakowiti Atwech

Managing Editor Kisasa News

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