Launched on November 30, 2022, the Hustler Fund has emerged as the most popular affirmative action fund under President William Ruto’s administration.
Following its launch, the government will set aside Ksh 50 billion to provide cheaper credit for micro and small businesses.
The range for the personal loan category will be between Ksh 500 and Ksh 50,000 while SMEs and start-ups can access loans of up to KSh 250,000.
Loan limits will be based on credit scores, which implies that the time taken to service a loan will play a major factor in processing future loans.
How to register for Hustler Fund
- Dial USSD code *254# which will lead you to a menu or use the mobile application.
- Accept the Terms and Conditions.
- Enter M-PESA, Airtel Money of T-Kash pin.
- Receive an SMS notification of a successful registration and the limit assignment.
How to apply for a Hustler Fund loan
- Dial USSD code *USSD code# or open the mobile application.
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount.
- Confirm loan details as displayed.
- Enter M-PESA, Airtel Money of T-Kash pin.
- Receive an SMS notification on loan allocation with relevant loan information.
After a successful loan application, the money will be disbursed to the mobile money account with 95% of the money deposited to the mobile money wallet and the remaining 5% deposited to the savings account scheme of the Hustler Fund.
Defaulting the loan
In case someone defaults the personal finance loan, the interest rate will be adjusted to 9.5% per annum 15 days after the date of default.
Also, persistent default spanning 30 days and over will see a customer lose their existing credit score and their account frozen.
During this time the interest will continue to accrue pegged on the in-duplum rule and the appropriate recovery methods will be initiated.
