The president of Kenya, H.E. William Ruto launched the Hustler Fund loan service promised during the campaign period. The Hustler Fund loan can be accessed on Safaricom, Airtel and Telkom SIM cards through a USSD or their mobile money applications.
The fund is allocated 50 billion Kenya shillings and is geared towards helping individuals, chamas, groups and organizations improve or expand their businesses.
Individuals can borrow from Ksh. 500 to Ksh. 50,000 depending on their limit. Chamas can borrow up to Ksh. 250,000 while groups and organizations can access loans up to Ksh. 10 million.
Requirements for the Hustler Loan
Hustler loan requires no paperwork, but to be eligible you must meet the following qualifications:
Be a permanent Kenyan citizen
You must be at least 18 years old
Be a member of a registered Chama or SACCO (in case of group funding)
Must have a mobile money registered line and in operation for at least 90 days
How to Register for Hustler Fund Loan
To register, follow these simple steps on any mobile network you are on:
Dial the USSD *254#
You will be asked to accept the terms and conditions
Enter your mobile money PIN to verify account ownership (e.g MPesa PIN if using Safaricom line to apply)
You will be notified to wait for a response on your registration status within 2 hours.
After 30 minutes to 2 hours dial *254# (even if you never receive the notification message)
If you can access the Hustler Fund Loan menu, then the registration was successful.