How To Apply For The Hustler Fund On Your Phone – Soko Directory Team
The government is set to launch another product dubbed micro-loan which will allow individual Kenyans to borrow between 50,000 shillings and 500,000 shillings, president Ruto said.
Individual Kenyans will now be able to borrow between 500 shillings and 50,000 shillings from the newly-launched Hustler Fund through their mobile phones.
Speaking at the launch of the Fund at Green Park in Nairobi on Wednesday, leading network telcos said borrowers will be required to dial USSD code *254# to access the loan after its official launch by President William Ruto.
The USSD code will allow borrowers to view the loan limit, interest, and tenure before application.
The Fund will allow Kenyans to borrow between 500 shillings to 50,000 shillings at an annual interest of 8.0 percent, coming as a relief to millions of Kenyans who have been blacklisted by various credit providers.
To register an account on the platform, users will be required to sign up for the fund through the USSD code or the mobile app, before receiving a confirmation message. In the event of a failed registration, the borrower will be notified via SMS.
Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui had warned Kenyans to beware of fraudsters inviting Kenyans to register for the Hustler Fund on websites and mobile phones.
“We urge members of the public to disregard all forms of communications inviting them to register for funds on a website or via a phone number. There will be no intermediaries for the personal finance product. It will just be the hustler and his or her phone. No registration is required, borrowers will only be required to dial a code,” he said.
The government is set to launch another product dubbed micro-loan which will allow individual Kenyans to borrow between 50,000 shillings and 500,000 shillings, president Ruto said.
“Every 60 days we will launch a product to empower Kenyans to do business,” Ruto said.
The Head of State also said that the government will launch another product targeted at Saccos that will allow them to borrow from 10 million shillings to 100 million shillings. The said product will be regulated by the Sacco Regulatory Authority (SASRA).
Related Content: List Of Promises Made By President-Elect William Ruto
