NAIROBI, Kenya, Nov 30 – President William Ruto on Wednesday launched the much-awaited Sh50 billion Hustlers Fund which will see Kenyans borrow loans of up to Sh50,000 at an 8percent interest rate.
Speaking during the launch, President Ruto said the launch marks a critical milestone in his government to implement the bottom-up transformational agenda.
“By launching the Financial Inclusion Fund, popularly known as the Hustlers Fund, we are supporting underserved Kenyans with services and products that are responsive to their enterprises. We are also liberating them from shylocks and establishing a culture of saving, investment, and social security,” he said.
The Hustlers Fund was part of President Ruto’s manifesto of uplifting Small and Medium-Sized Enterprises (SMEs) by facilitating access to affordable credit.
Through the Plan, the government is committed to create opportunities for millions at the bottom of the economic pyramid to work their way up and fulfil their aspirations.
The Hustler Fund is made up of 4 products: Personal, Micro Business, SME and Start Up loans.
To access the fund, Kenyans will need to dial *254# on their mobile phones.
To be eligible for the fund, one must be a Kenyan citizen aged 18 years and above, with a valid Identification Card and Registered Mobile number with mobile network providers who include Safaricom, Airtel, and Telkom.
One will also be required to have a mobile money account that is either Mpesa, Airtel Money or Tkash, and the sim card must have been in use for more than 90 days.
The Hustlers Fund identifier is the ID number, hence one customer can not use more than one number to borrow.
Additionally, savings are secure even if a mobile device is lost because the Hustler Fund account is PIN-protected. Once the SIM card is replaced, access to the account will be restored.
The rest of the Hustler Fund products will be launched next year, Micro- Loans will come into the market by the end of January 2023 and the SME loan at the end of March.
Finally, the Start-Up loan will enter the market at the end of May next year.
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