As President William Ruto’s Hustler Fund credit facility turns a year old today, November 30, the government has announced various incentives for Kenyans using the platform, including increased loan limits.
Speaking during the Pensions Conference and Expo at the KICC, the Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui said, “Anyone who has saved Ksh 6,000 will get a Ksh 3,000 government incentive to promote savings.”
Chelugui also announced, “If your limit is Sh 6, 000 you will automatically go to Sh 12,000.”
As Hustler Fund celebrates its first anniversary, 1 million Kenyans have borrowed money consistently out of 19 million, who have borrowed over 10 times.
Led a team of high ranking government officials on an inspection tour of Green Park Terminus to assess the level of preparedness ahead of tomorrow's First Anniversary celebration of Hustler Fund. pic.twitter.com/MID5Lf99fE
— Simon Kiprono Chelugui, EGH (@CsChelugui) November 30, 2023
Those with savings above Sh 25,000 will have their loan limit increased to Sh 50,000. The highest borrower on Hustler Fund has savings of Sh 225,000. Mandatory savings on Hustler Fund are 5 percent of the amount being borrowed. Nonetheless, the platform also allows for voluntary saving.
Additionally, out of the Sh 39.5 billion borrowed, Sh 28 billion has been paid back. The fund also has Ksh 2 billion in savings and 7.5 million repeat customers.
How to borrow from Hustler Fund
Hustler Fund, also called the Financial Inclusion Fund, is an initiative launched by President William Ruto to give Kenyans easier access to credit at a low interest.
Borrowing money from the fund is simple.
- First, you need to register using your Safaricom or Airtel SIM card. Dial the USSD code *254# to register. You will be required to enter your PIN for your mobile money wallet.
- After registration, dial *254#, and this time, it will present prompts, including one for a loan request. The prompts also allow you to check your loan limit.
- Enter the amount to borrow and it will be sent to your registered phone number.
- The amount is to be repaid in the stipulated timeline. For example, if you borrow Ksh 500, you have 15 days to repay the money.
Women and Hustler groups can also borrow from the fund. In the beginning, Hustle Fund allowed individuals only to request loans. You can check your loan status and savings amount using the same USSD code.
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