Hustler Fund is finally a reality. The fund was one of the key campaign pledges that President William Ruto made during the August 9, 2022 poll.
And as promised, Ruto launched the fund on November 30, 2022, in what he said will give hustlers a lifeline.
How to access the hustler fund?
The one question that most Kenyans are currently asking is “how do I access the hustler fund?”
Well, for starters, the Hustler Fund loan will be disbursed digitally. In the President’s own words – there is no paperwork needed, and there will be no committee to apply to.
For a Kenyan to access the fund, he/she will be required to first register – not manually registration but electronically, using their mobile phones.
All you will need to do to start the process is dial *254# using any of the three leading mobile providers – Safaricom, Airtel and Telkom.
Follow the prompts to the end and you will be good to go.
How is Hustler Fund loan different from other mobile loans?
Currently, there are many mobile loan providers, but despite hustler fund also being disbursed directly to your mobile phone, it has many distinct differences from the existing ones.
Firstly, its interest rate is the cheapest at 0.002 per cent per day – which translates to 8 per cent per year. Other lenders’ rate is at 1 per cent.
Anyone can also access the loan – irrespective of whether he/she has been blacklisted on CRB or not.
How to increase Hustler Fund loan limit?
The cabinet has already adopted regulations for the first phase of the Hustler Fund that puts a limit of Ksh50,000 and a minimum of Ksh500.
A limit of what an individual can get will be determined on a pro-rata basis.
Further, everyone has an opportunity to progressively grow their limit.
“Wakati unakopa na kulipa ndio unapata nafasi nyigine ya kukopa tena, unagraduate uende micro loan itoke Sh50,000 uende level nyigine,” the President said on November 30, 2022 during the launch of the fund.
He further revealed that the second phase of the Hustler Fund will be rolled out in February 2023, which will see groups and Saccos get up to Ksh50 million.
