The Hustler Fund offers loans ranging from Ksh500 to Ksh.50,000 at an interest rate of 8% pro-rated or a daily rate of 0.002%. Access to the fund can be done through the USSD code *254# or mobile application platforms of Kenyan mobile network operators like Safaricom, Telkom and Airtel.
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To register for a Hustler Fund loan, customers need to:
- Sign up using the USSD code or mobile app.
- Accept the Terms and Conditions.
- Enter their mobile money pin.
Successful registration will be confirmed via SMS. If registration is unsuccessful, customers will also be notified.
To apply for a loan, registered customers need to:
- Dial the USSD code *254# or use the mobile application.
- Select the loan request option.
- Enter the loan amount.
- Confirm the loan details.
- Enter their Mobile Money pin.
Once approved, the loan will be disbursed to the customer’s mobile money account. 95% of the loan amount will be deposited into the customer’s mobile money wallet, and 5% will be deposited into the customer’s Hustler Fund savings account.
The Hustler Fund savings scheme splits the 5% deposit into 70% long-term savings (Pension) and 30% short-term savings.
For example, if a customer borrows Ksh.1,000, Ksh.50 (5% of Ksh.1,000) will be deposited into their Hustler Fund savings account. Of this, Ksh.35 will go to the Pension account and Ksh.15 will go to the short-term savings account.