President William Ruto presided over a ceremony at Nairobi’s Green Park Terminus on Wednesday, November 30, to officially launch the Hustlers’ Fund.
With a daily interest rate of 0.002%, the fund will offer loans to Kenyans from as low as Ksh 500 up to Ksh 50,000. There are four kinds of loans: start-up loans, SMEs loans, microloans, and personal loans, which must be paid back in 14 days. SMEs and new businesses are eligible for loans up to Ksh250,000.
Loan applications will be through using USSD code *254#, which will take the user to a menu. As an alternative, one can use mobile applications offered by national mobile money service providers to access the credit facility.
Upon acceptance, 95% of the funds will be transferred to your mobile money account, while the remaining 5% will be transferred to your savings account in support of the Hustlers pension plan.
The loan repayment will be made from your Mobile Money account and the customer can only opt-in once with a unique identifier as National ID. If you need to register another number, you will need to opt-out of the current line.