Following the launch of the Hustler Fund, Kenyans can now register and access the Hustler Fund on any mobile network by dialing *254# on their phone. The fund is also available through the Safaricom M-Pesa App under the Growth tab.
Hustler Fund Via USSD Code
To register, the customer is required to:
- Sign up for the Hustler Fund platform by dialling *254# or through the mobile app.
- Accept the Terms and Conditions to join the Fund
- Enter Mobile Money Pin
- Upon fulfillment of steps 1-3, an SMS will be sent to notify them of their successful registration and the limit assignment.
- In the event of a failed registration, the borrower will be notified via SMS
Once registered, to request for a Loan the customer is required to:
- Dial USSD code *254#
- 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.
Hustler Fund Via M-Pesa App
Download the M-Pesa App from the Google Play Store or Apple App Store to access the app.
Personal loans being offered on the Fund are between Sh500 and Sh50,000, with the repayment period being 14 days.
The interest rate on the loan is eight per cent annually.
Why Was it Created
- To provide financial empowerment and security to the people at the bottom of the pyramid
- Free low-income citizens from bondage of loan sharks
How Much can one borrow
A minimum of Kshs. 500/=. Out of every Kshs 100 borrowed:
- Kshs 95 will go into the borrowers loan account
- Kshs 3.95 will go to his/her pension account
- Kshs 1.05 will go to his/her savings account
