- The fund is accessible through a USSD code and mobile application platforms of any of the mobile network operators in Kenya.
- When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
- Kenya Kwanza administration’s signature pledge, the Hustler Fund, is being launched on Wednesday after receiving a nod from Cabinet.
- With loans from a minimum of Ksh.500 to as high as Ksh.50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent, the fund is expected to offer much-needed relief to millions of Kenyans who could not access credit after having been blacklisted by various credit rating agencies.
- So how can you access the Hustler Fund from your phone?
- The fund is accessible through the USSD code *254# and mobile application platforms of any of the mobile network operators in Kenya.
- However, at the time of publishing, the service was not yet operational ahead of its launch by President William Ruto.
- To register an account on the platform, a customer is required to sign up for the fund through the USSD code or the mobile app.
- They will then be required to accept the Terms and Conditions to join the fund, then enter their mobile money pin.
- Upon fulfillment of these steps, an SMS will be sent to notify them of their successful registration and the limit assignment.
- In the event of a failed registration, the borrower will be notified via SMS.
- To apply for a loan, a registered customer is required to:
- • Dial USSD code *USSD code# or mobile application.
- • Select the loan request option to view the limit, interest, and loan tenure.
- • Enter the loan amount and press OK to continue
- • Confirm loan details as displayed to continue
- • Enter Mobile Money pin
- • Receive SMS notifications on Loan allocation with relevant loan information.
- When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.
- The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund
- The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.
- For instance if a customer borrows KSh.1,000,
- KSh.50 (5% of Ksh.1,000) will go into their savings account as below.
- KSh.35 (70% of Ksh.50) – Will go to Pension account.
- KSh.15 (30% of Ksh.50) – Will go to short term savings account.
- According to Co-operative and Micro, Small, and Medium Enterprises Cabinet Secretary Simon Chelugui, the fund does not have a processing fee.
Kenya: Here is how to apply for the “HUSTLER’s FUND” on your phone
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