Hustler Fund Kenya is set to deliver affordable loans to micro, small and medium enterprises (MSMEs) as promised by His Excellence President Dr. William Samoei Ruto during his campaign time.
The fund will be allocated a total sum of KES 50 billion (US$ 419 million) which all go to the hustlers across the nation in the form of affordable loans in a move to achieve the bottom-up agenda.
Loan amounts disbursed to each applicant will vary depending on the customer’s business needs. It will be enough money at least to make businesses grow and create employment and empower both youths and women in Kenya.
The minimum loan amount will be sh. 500 while the maximum Hustler Fund Kenya loan will be sh. 50,000
Hustler Fund USSD
How loans will be disbursed to borrowers? A USSD code will be introduced and the money will be disbursed via mobile money wallets to make it easily accessible.
The President already talked to the participating major mobile loan companies – Safaricom, M-Pesa, M-Shwari (NCBA Bank), and KCB M-PESA.
Upon parliament approval, borrowers will be able to get hustler loans via M-PESA, M-Shwari, or KCB M-Pesa, Airtel Money, and T-Kash.
Hustler loan’s interest rate will be 8%, a single digit. The President promised to keep the interest rate low to make the loans affordable to everyone who is a hustler.
One-digit interest rate means the loans will be charged from 1% to 9% ( (confirmed 8% ). It should not go beyond 9%.
Hustler Loans Qualifications
Many Kenyans running MSMEs will be eligible to benefit from the hustler Fund loans.
Ruto ordered the removal of over four (4) million CRB blacklisted individuals and also promised to amend the way CRBs work. This move will further ensure many Kenyans qualify for the loans.
Hustler Fund loans will be available through Financial institutions such as Banks, Microfinance Banks, and Saccos. To apply the registered group will submit their application to the financial institution. Upon verification and approval, the group will receive their money in their Bank or Sacco account.
Hustler Fund Loan limits
Hustler Fund loan limits will be between kes 500 to kes 50,000. The funds will have a fast application process as it will be done via phone.
Hustler Fund Interest Rates
Hustler Fund loans will be charged at a very low-interest rate of 8% per year with a longer period of loan repayment.
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