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Africa - Editor's Picks - Local News - November 30, 2022

Introduction of The Hustler’s Fund

Starting from 1st December 2022, Kenyans in need of credit will be allowed to apply for loans through the Hustler Fund by dialing *254# across all networks; Safaricom, Telkom, or Airtel.

Interested applicants will then be asked to dial their ID number and select a pin number. After accepting the terms and conditions, one will be added to the Hustler Fund.

The loans in the personal finance product will range from Ksh. 500 to a maximum of Ksh. 50,000.

The ‘Hustler Money’ has to be repaid within 14 days at an interest of 8%, set to be calculated pro-rata or on a daily basis. The loan repayment will be made from your Mobile Money account.

Every time someone borrows, 5% of the amount will go to a scheme where the money earns interest. The money will be saved in the National Social Security Fund (NSSF) account of the borrower.

Kenyan applicants are required to be at least 18 years old and above and businesses with a turnover of Ksh. 100 Million and below qualify for loans.

For one to qualify for the funding, must have a registered mobile number from a recognized Kenyan Mobile Network Operator with a mobile money account, must be a Kenyan citizen of 18 years of age and above with a valid national Identification Card (ID).

A sim card can only be eligible if it has been used for more than 90 days.

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