Dial *254# To Access Hustlers Fund Starting 1st December 2022

Following President William Ruto’s official introduction of the Hustlers Fund on Thursday, Kenyans will merely need to phone *254# to access it.

Five important steps about hustler fund.

1. Download hustler fund app, or dial *254# and join.

2. Apply for the loan.

3. Get the loan.

4. Pay the loan within 14 days.

One must be a Kenyan citizen, at least 18 years old, with a registered cellphone number with a mobile network operator such as Safaricom, Airtel, or Telkom in order to be eligible for the fund.

A mobile money account with either Mpesa, Airtel Money, or Tkash will also be necessary, as will a sim card that has been in use for more than 90 days.

One client may not borrow with more than one ID number since the ID number serves as the Hustlers Fund’s unique identification.

Additionally, because the Hustler Fund account is PIN-protected, savings remain safe even if a mobile device is lost. Access to the account will be reinstated after the SIM card has been changed.

The fund, which was established on Wednesday, will provide start-up loans, microloans, loans to small and medium-sized businesses, and personal loans.

When given a loan for KES 500 with a 14-day payback period and an annual interest rate of 8% computed each day, the consumer will have to pay KES 501.53 back, or KES 1.53 in interest, once the loan time is up.

When a consumer requests a loan, the requested amount is transmitted to their mobile money account, where 95% of it is deposited in their money wallet and 5% is deposited in their savings account.

The 5% that is allocated to the savings plan is divided into 30% for immediate savings and 70% for long-term (pension) savings.

If the loan is not repaid within 14 days, the client is offered a further 15 days before their credit rating is negatively impacted. The interest rate rises to 9.5% a year if the debt is still not repaid.

After more than 30 days of delinquency, the Hustler Fund account is locked and the borrower loses all acquired credit ratings.

Since there won’t be a listing with the Credit Reference Bureau if the loan is defaulted upon, the person’s credit rating with other creditors won’t be impacted.