With President William Ruto’s announcement on Wednesday, Kenyans can now borrow money from the Hustlers Fund via the short number *254# on the Safaricom, Airtel, and Telkom networks.
Dialing the shortcode will prompt you to provide your ID and PIN before displaying a list of available loans from which you may choose.
The repayment period for personal loans from the Fund is 14 days and the loan amount is between Sh500 and Sh50,000.
The loan has an annual percentage rate of eight percent.
“The Hustlers Fund will give every hustler a second chance. Unlike other loan schemes, the Hustlers Fund will not require [lengthy] application [processes], just your mobile phone,” said President Ruto during the launch at the Greenpark Terminus in Nairobi.
He added that the Hustler Fund will have 500 times lower interest rates than the ordinary lender.
The Fund is for capitalizing chamas, saccos, and cooperatives.
President Ruto said micro-entrepreneurs will get between Sh50,000 and Sh500,000.
Micro-loans between Sh100,000 and Sh50 million will commence in February 2023.
The president also discussed Hustlers Fund savings, saying that “If you save Sh500 in a month, which translates to Sh6,000 a year, the government will add you Sh3,000.”
