“The best strategy to accelerate economic growth and achieve shared prosperity is to empower millions of struggling yet willing and capable Kenyans and enlist them in gainful activity,” – President Ruto.
President William Ruto has launced the much awaited hustler fund that he says will empower millions of struggling Kenyans who are willing to engage in meaningful activities.
He said through the Hustler Fund his government is committed to create opportunities for millions at the bottom of our economic pyramid to work their way up and fulfil their aspirations.
The Fund was launched amid fanfare at the Green Park Terminus, Nairobi City County.
To access Hustlers Fund Kenyans will only need to dial *254# starting Thursday, following its official launch by President William Ruto.
One must be a Kenyan citizen aged 18 years and above, with a valid Identification Card and Registered Mobile number with mobile network providers like Safaricom, Airtel and Telkom ,to be eligible for the fund.
One will also be required to have a mobile money account that is either Mpesa, Airtel Money or Tkash, and the sim card must have been in use for more than 90 days.
The Hustlers Fund identifier is the ID number, hence one customer can not use more than one number to borrow.
The loan limits will be a minimum of KSh. 500 up to a maximum that will be determined by the borrower’s credit score and capped at KSh.50,000.00.
Additionally, savings are secure even if a mobile device is lost because the Hustler Fund account is PIN-protected. Once the SIM card is replaced, access to the account will be restored.
The fund, launched on Wednesday, will offer four different products: start-up loans, micro-loans, SME loans, and personal loans.
With a 14-day repayment period and an annual interest rate of eight percent calculated per day, a customer who borrows KES500 will pay back KES 501.53 after 14 days, representing KES 1.53 in interest.