The Hustler Fund is a significant initiative aimed at providing responsible financial access to individuals and micro, small, and medium-sized enterprises (MSMEs). Its primary goal is to develop and offer affordable, accessible, and suitable financial products for underserved populations.
Key Features of the Hustler Fund:
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Loan Amounts: Eligible borrowers can access loans ranging from KES 500 to KES 50,000.
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Eligibility Criteria:
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Must be a Kenyan citizen aged 18 years or older.
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Possess a valid national identification card (ID).
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Have a registered SIM card with Safaricom, Airtel, or Telkom Kenya, active for at least three months.
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Loan Term and Interest Rate: The loan term is 14 days, with an interest rate of 8% per annum, accruing daily until full repayment within the 14-day period.
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Disbursement: Approved loans are disbursed directly to the borrower’s mobile money wallet.
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Savings Component: A mandatory deduction of 5% from the loan amount is allocated towards the borrower’s savings, promoting a culture of saving among beneficiaries.
How to Access the Hustler Fund:
Individuals can register and apply for the Hustler Fund by dialing *254# on any mobile network or through the respective mobile app. The application process is designed to be user-friendly, ensuring that financial support is within reach for those who need it.
By offering these tailored financial solutions, the Hustler Fund empowers individuals and businesses, fostering economic growth and financial inclusion across the nation.