The financial inclusion fund popularly known as the ‘Hustler Fund’ is a 50 billion annual kitty provided by the Kenyan government targeted towards supporting micro, small and medium enterprises to realize business growth through affordable credit.
The Hustler Fund is composed of funds set aside by the national assembly specifically for the fund’s purpose, interests and penalties earned from disbursed loans, investment income generated from the fund, gifts/donations/grants received from external sources in addition to any other source approved by the Cabinet Secretary.
Similar to other Kenyan digital loans, the Hustler Fund does not require any collateral and can be applied for, approved and funds dispensed digitally to eligible applicant(s)
Hustler Fund Loan Ussd Code
To apply for hustler fund can be done from any network through the Ussd code *254#
How To Apply For Hustler Fund Loan
a) How To Apply For Hustler Fund Loan Via App
Download, install and launch the MPesa app
Activate the MPesa app
In the app’s dashboard, click on the ‘Grow’ tab located at the bottom to access the hustler fund menu
Click on the ‘Hustler fund’ menu to launch the mini-program
Click on ‘Get Started’
Tap ‘Opt In’ if you agree to the service’s terms and conditions and to your info being shared with hustler fund
Enter your MPesa PIN
You will receive an SMS confirmation containing your loan limit
Click on ‘Retry’ button to access the hustler fund dashboard
Click on ‘Request Loan’
Enter your preferred loan amount or check the box to request your entire loan limit amount
Your loan details will be displayed including;
loan duration, amount requested, interest rate, amount to be sent to MPesa & savings and loan due date.
Enter your MPesa PIN
Your loan request once approved will be sent directly to your MPesa account and your dashboard updated to reflect your loan as well as savings balance.
b) How To Apply For Hustler Fund Via Ussd Code
– Dial *254#
– Choose Language
– Enter ID Number
– See how much you qualify for and Choose Pin Number.
– Apply for Loan.
Hustler Fund Loan Registration Requirements
Currently, there are 3 qualified categories of applicant(s) for the hustler fund which include;
ii) Registered groups (chamas, self-help groups etc)
iii) Financial intermediaries (banks, microfinance institutions, saccos etc)
In each of the above, there are prescribed conditions that have to be met before the loan can be approved and subsequently disbursed.
For individuals, an applicant is required to be
a) Kenyan national
b) Aged 18 years and above
c) Possess a valid national identity card
d) Have a registered phone number that has been active for at least 3 months
e) Be a subscriber of either M-Pesa, Airtel Money or T-Kash
f) Provide location of residence
For registered groups;
a) Applicants should be part of a fully registered community group composed of either youth/men/women/mixed/older person(s) or persons with disabilities.
b) All members should be aged 18 years and above
c) All members should have a common purpose
d) Group should be composed of at least 10 persons or 5 persons (special interest community groups)
e) Group must have constitution indicating;
– Name, purpose and address of the group
– Objectives, values & group activities statement
– Membership criteria of the group
– Office bearers & their tenure
– Group’s finances & utilization
– Group’s assets management
– Group’s record management
– Minutes of meetings
– Elections, dispute resolution, constitution amendments, indemnity & dissolution criteria
– Signatures of all group members
For financial intermediaries;
a) Loan application should be for on-lending to a business person or micro, small and medium enterprises
b) Should provide matching funds of at least the loan application amount
c) Should pay interest on the loan amount
Hustler Fund Loan Amount Limits
The hustler fund loan amount limits differ depending on the product category i.e.
i) Individual borrowing (Kes500 – Kes500,000) whereby 5% of the amount borrowed is channeled towards savings that can be accessed at will.
ii) Group borrowing (Kes50,000 – Kes250,000)
iii) SMEs and Cooperative borrowing
The assigned loan limits will depend on a borrower’s credit score whereby a credit score refers to the likelihood of a borrower(s) not defaulting on a loan whereby higher credit scores translate to higher loan limits while lower credit scores mean lower limits.
To improve your credit score, all that is required is to ensure full and timely repayment of loans in addition to providing accurate info to lenders.
Hustler Fund Loan Interest Rate & Repayment Period
The hustler fund is to be repaid within 14 days and attracts an annual interest rate of 8% on all disbursed loans on a pro-rata basis which basically translates to 0.6% per month.