1.14 Million Kenyans Have Registered for the Hustler Fund

Barely 24 hours after the Husler Fund was launched by President William Ruto for Kenyans the Cabinet Secretary for Cooperatives and Micro and Small Enterprises, Simon Chelugui has revealed that 1.14 million Kenyans have already registered for the loan.

1.14 Million Kenyans Have Registered for the Hustler Fund

According to the reports made, a total of Sh408 million has been disbursed to several Kenyans who have already applied for the loan shortly after it was launched.

The fund is specifically designed to support small-scale traders, Cooperatives, and MSMEs.

With the Hustler Fund Kenyans will see minimum borrowers get Sh500 while the largest amount advanced being Sh50,000 at an interest rate of eight percent.

Borrowers on this platform will also have access to a short-term savings plan as well as a long-term pension program. Every saving made by borrowers on this platform will be matched 2:1 by the Kenyan government to a level determined by the program, which means that the government will add one shilling for every two shillings saved.

The Hustler Fund is currently available for personal loans, with loans for MSMEs becoming available in February of next year. While there are no processing fees for Hustler Fund loans, you will receive 95% of the loan, with the remaining 5% going into a personal savings scheme divided into 70% long-term and 30% short-term savings.

President William Ruto stated that the Hustlers Fund initiative launched Wednesday will give loan defaulters who had been barred from accessing credit, a chance to start afresh.

President Ruto stated that the fund would end the exploitation of Kenyans by unscrupulous lenders who have been charging borrowers exorbitant interest rates.

“This is a momentous occasion that today we have a product that does not need an application, guarantee, or approval by a committee. It just needs a citizen, his phone or her phone, and a track record and they can borrow as much as they want so long as they keep to a track record,” President Ruto stated.

The Head of State further added that the fund will replace the traditional collateral system that has always been built behind security such as title deeds, log books, and securities.

The hustler Fund was one of the many promises that President Ruto made to Kenyans during his campaigns.

How to apply for the Hustler Fund

The Hustler's Fund is accessible via USSD as well as telco apps such as Mpesa, T-Kash, and Airtel Money.

On all networks, you can use both with the code *254# to register. If you use a Safaricom line, you will be asked to accept the terms and conditions before entering your mobile money PIN, such as your MPESA Pin.

After you finish, you will receive confirmation via text message to the mobile number you registered for the fund, informing you if you have been successfully registered. After that, you will be given a borrowing limit.

The waiting time can range between 30 minutes and 2 hours.