Kenyans will access the Hustler Fund from Thursday, December 1, via a USSD code.The fund will operate like Fuliza. Those who default will lose their credit scores. To be eligible, one should have a mobile money account such as M-pesa, Airtel Money or .
The loan limits will be a minimum of KSh 500 up to a maximum of that will be determined by the borrower's credit score and capped at KSh 50,000," State House stated.
Kenyans can access the Hustler Fund through a USSD code and mobile app platforms offered by mobile network providers like Safaricom, Airtel, and Telkom.In case someone borrows the loan erroneously, the loan cannot be reversed and must be repaid. The loan is repaid through one’s mobile money account.
The CS added that the money would be saved in the National Social Security Fund (NSSF) account of the borrower.He added that the government is working with other schemes to save money.Mr Chelugui said borrowers would not need collateral, guarantors or file paperwork to access the loans, which will be issued through mobile phones.
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