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.
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
