President William Ruto introduced the Hustlers’ Fund in a ceremony held at the Green Park Terminal in Nairobi on Wednesday, November 30.
With the help of this fund, Kenya will be able to get loans at a cost of 0.002 percent every day, which is five-hundred times cheaper. Loans may be broken down into four distinct types: those aimed at individuals, small and medium-sized businesses, new ventures, and established corporations.
The repayment period for a personal loan is 14 days, and the loan amount can be anything from Ksh500 to Ksh50,000. Loans of up to Ksh250,000 are available to small and medium-sized businesses.
In the future, the length of time it takes to repay a loan will be a crucial element in determining a borrower’s creditworthiness and hence their lending limitations.
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How to Apply
The Ministry of Finance has announced that the USSD code *254# would be used to access the loan application menu.
You can also use mobile applications from mobile money service providers in the nation to have access to the credit facility.
- Make use of the mobile app or USSD code by dialing *USSD code#.
- To see your available credit, interest rate, and loan term, go to the Loan Request menu.
- To proceed with the loan, please enter the amount and click OK.
- Verify your loan information as shown on your screen.
- Type in your Mobile Money PIN.
- Receive SMS notifications on Loan allocation with relevant loan information.
How Much Money Will Be Sent to My Phone
If everything checks up, 95% will go to your mobile money account, and 5% will go into your savings account for the Hustlers pension plan.
Requirements
The government has set some restrictions for anyone hoping to get assistance, including a minimum age of 18 for applicants.
The Ministry of Co-operatives and MSMEs is charged for implementing the strategy.
All applicants must be at least 18 years old and Kenyan citizens.
You’ll need a government-issued photo ID
A valid Kenyan mobile phone number from a major provider (Airtel, Safaricom, or Telkom) is required.
One must be equipped with mobile money, such as Airtel Money, M-PESA, or T-Kash.
Only once the SIM card in issue has been activated for more than 90 days will it be considered for eligibility.
Maintain a Kenyan address and a Kenyan business presence.
In the registration procedure, please include your current address (where applicable)
Guide to Loan Repayment
- Except for the five percent (5%) that goes into savings, Hustler Fund does not have any transaction fees.
- You may manually offset the loan with the USSD number *254# or the Mobile Money app, for instance, and the payback will be deducted from your Mobile Money balance.
- Can You Change Your Number and Transfer the Loan to a New Number
- You are limited to registering a maximum of two numbers and cannot modify your existing one.
- A single opt-in is permitted per consumer per National ID. According to the rules of the Hustler Fund, registering a second phone line requires the participant to “opt out” of the first one.
- If you have a hustler fund and lose your phone, your money is also secure.
You may continue using your existing Mobile Money PIN to access your Hustler Fund account after having your SIM card replaced at an MNO retail store.
If you transfer SIM cards, your new line will automatically link to the Hustler Fund account you had on your old line; opting in again is not required.
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