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President William Ruto on Wednesday 30th November 2022 officially launched the inclusivity fund dupped as the Hustler fund which will be available to Small and Medium Enterprises across the country.

The loan will be categorized into personal and group loans. Individuals seeking personal loans will have access to Ksh 500 up to Ksh 50,000 while groups will have an upward limit of Ksh 10, 000,000.

The launch of the hustler fund comes three months after the general election as William Ruto seeks to fulfil his election pledges to the people of the Republic of Kenya. Kenyans who get awarded the hustler fund loan will part with 8% loan interest repayable in 14 days after awarding of the loan.

Application of Hustler Fund Loan Process

Individuals interested in applying for the Hustler Fund will not be required to walk into any office for loan vetting. The application will be done in the comfort of their home or business through a mobile phone USSD code or the hustler fund app.

As long as one is a Kenyan Citizen with a Simcard registered from any of the registered Mobile Network Operators in Kenya, one will have access to the *254# USSD code platform.

Upon dialling *254# USSD code, the Hustler Fund platform will be launched and the onboarding process will begin. A popup will emerge asking one to choose either Kiswahili or English language, then one will be requested to accept the loan terms and conditions before being prompted to key in mobile money pin.

On completion of the above three steps, a message will be sent through SMS notifying the user with the process is successful or not and also a notification of the loan limit.

After completing the process and being awarded the loan, one will receive 95% of the loan to the mobile money account while the other 5% will be distributed to both the pension account and short-term savings account.

One can also onboard the Hustler Fund Platform with one account. A National Identity number will be used as a unique identifier and a single ID No cannot have two accounts.

The hustler fund account will be protected by the mobile money pin; in case one displaces their device, no one will have access to the hustler fund platform.

Repayment of Hustler Fund Loan

Beneficiaries of the Hustler Fund will be expected to commence repaying their loan after 14 days. The loan will be marked overdue upon the lapse of the 14 days of the loan repayment.

Withdrawal of The Shortterm Savings.

Money from the loan deposited to the short-term savings account can be accessed upon clearing the loan or partially clearing 30% of the borrowed loan.

 

 

 

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