President William Ruto is set to launch the Hustler Fund kitty today as part of his grand plan to revive the economy and uplift small businesses.
The KSh50 billion yearly fund, which will attract an interest of 8 percent per annum, will be given to individuals, groups, small businesses and corporates.
Individuals will receive a minimum of KSh500 and a maximum of KSh50,000.
How to apply
Interested Kenyans can apply for the loan by dialing the USSD code *254# on any network in Kenya after the President launches the program.
A customer will then be required to accept the terms and conditions and then enter the mobile money pin.
An SMS will then be sent to notify on successful registration and the limit amount that can be borrowed, or whether the loan request has been declined.
Steps to follow
Interested customers can follow these steps to apply for the fund:
• Dial USSD code *USSD code# or mobile application.
• Select the loan request option to view the limit, interest, and loan tenure.
• Enter the loan amount and press OK to continue
• Confirm loan details as displayed to continue
• Enter mobile money pin
• Receive SMS notifications on loan allocation with relevant loan information
If the loan request is successful, the customer will receive their money in their mobile account. They will receive 95% of their loan amount while 5% is deposited in their savings account scheme of the Hustler Fund.
In the savings scheme, 70% of the 5% will go into long term (pension) and 30% of the 5% will go into short term.
The fund does not attract a processing fee.
Sam Oduor is the editor-in-chief at the Western Kenya Times who leverages the power of the Internet in telling stories that shape opinions.