Hustler Fund is a platform on the mobile phone that lend loans to any Kenyan. It was launched by President William Ruto at Green Park Stage, Nairobi, on November 30, 2022.
You can borrow money from the Hustlers Fund by using the short code *254# on Safaricom, Airtel and Telcom networks. After dialling the short code, you are required to insert your ID and pin number. Then you select the loan that best suits you.
The personal loans offered on this Fund range from KSh.500 to Ksh.50, 000 being repaid after a period of 14 days. The interest rate is eight per cent annually.
"The Hustlers Fund will give every hustler a second chance. Unlike other loan schemes, the Hustlers Fund will not require [lengthy] application [process], just your mobile phone," said President Ruto during the launch at the Green Park Terminus in Nairobi. He also added that the interest rate for the Hustler Fund will be 500 times cheaper than the average lender in the market.
President Ruto said that those people with micro enterprises will get loans between Ksh.50, 000 and Ksh.500, 000. He also said that if one save Ksh.500 in a month, which translates to Ksh.6, 000 a year, the government will add him/her Ksh.3, 000.
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