PortalTeknoGeeks Tech-Related Sites
The creation of the Hustler Fund app was a key campaign promise of President William Ruto and as soon as he took office, he established the fund with an allocation of Ksh 50 billion earmarked for private loans to small and medium enterprises.
The President launched the fund earlier today in collaboration with the country’s three leading telecom operators – Safaricom, Telkom and Airtel. Hustler Finance aims to improve credit access to lending practices that prevent borrowers from accessing funds for personal use and growing their businesses.
The fund is now available to small businesses and digital platforms at affordable rates for individuals and through chamas, unions, SACCOs and support services. HUSTLER FUND has four products – credit, savings, pension and investment.
It should be noted that borrowers on this platform will also participate in short-term savings plans and long-term retirement programs. Any money that borrowers make on this platform will be linked to the Government of Kenya at a ratio of 2:1 at the level of the program to be determined, which means that the government will add 1 shilling to the shilling every two saved.
Simon Chelugui, Secretary of the Cabinet for Cooperative and SME Development, said that a call center will be established to resolve problems that arise as the money is transferred to borrowers. For now, Husler Fund is available for personal loans, while MSME loans will be available from February next year. Although there are no processing fees for loans from Hustler Fund, you will receive 95% of the loan, with 5% going to a personal savings plan that will be split into 70% long-term savings and 30% savings. short term. . Loans can be repaid through a mobile money account.
How To Join Hustler Fund App And Getting Accepted
Huster Fund App is available via USSD and telecom apps like Mpesa app, T-Kash app and Airtel Money app. To register you can use both and the code is *254# in all networks. You will be prompted to accept the terms and conditions and enter your mobile money PIN, just like your MPESA PIN if you use a Safaricom line. Once done, you will wait for confirmation and SMS sent to the mobile phone number that you have registered for the bonus letting you know if you have successfully registered. You will be assigned a loan limit. The waiting time can be from 30 minutes to 2 hours.
You will also know by SMS if you have not registered properly. This money is given at an interest rate of 8% per annum. If you default on your loan, you will not be registered with the CRB and you can borrow again. Loans can be approved at one time or in installments.
There is no need to manually fill out the form and have the permission of three parties to get HUSTLER money. Personal loans range from 500 Ksh to 50,000 Ksh while loans for Chamas start at 50,000 Ksh to 250,000 Ksh and one has a limit of 10 million Ksh.
To qualify in accepted at Hustler fund app, you must:
- 18 years old
- A permanent resident of Kenya
- Join fully registered Chamas, SACCOS
Loans must be approved within 14 days and the interest rate rises to 9.5% per annum after 15 days without payment. The loan will be debited from your account if you go 30 days without paying your loans.
Access the Hustler Fund with the MPESA app
Just open the MPESA app and on the Keys tab, tap on the Services icon and tap on the Money icon on the top right side of the app. Icon Hustler Fun will be among the first mini-programs shown.
Tap it to register and wait to see if your registration is successful.