Kenyans borrow Ksh700M from Hustler Fund in hours after the launch, Ruto
Ruto announces that Kenyans have already borrowed Ksh700M from Hustler Fund so far after the launch
Ruto announces that Kenyans have already borrowed Ksh700M from Hustler Fund so far after the launch.
On Friday, December 2, President William Ruto revealed that 3.5 million Kenyans had signed up for the Hustler Fund and that Ksh700 million had already been dispersed in the form of loans.
“I am also pleased to note that, despite Kenyans borrowing through that platform, there is a positive tendency toward payback.
“This is amazing. As a nation, we are embarking on a path toward a single-digit credit regime that will guarantee that people have access to credit at reasonable rates, he said.
The fund was launched on Wednesday, November 30 in Nairobi.
President Ruto praised the Hustler Fund initiative during the introduction, calling it a game-changer for helping those at the bottom of the economic pyramid.
According to the President, it differs from other financial plans that were announced.
First, the President outlined the importance of the fund and listed five reasons why it is better for Kenyans than the Uwezo Fund, Youth Fund, and Women Enterprise Fund.
“We have around eight million people who have been blacklisted by all lenders. They are not allowed to borrow anywhere.
“Hustler Fund will give them a second chance to borrow again. Anyone who had been chased from other apps will have a chance to borrow money again,” he said.
Secondly, Ruto said Kenyans will not require any security for the money.
“When you borrow from another lender, you need to apply, look for guarantors, you have to know someone, get security, but Hustler Fund does not require you to look for all those things.
“It doesn’t require any committee and you should not know anyone to access it. For example, Youth Fund, Women Enterprise Fund, and others require you to go to committee, get security, but with Hustler Fund you will just need your phone and you get the money,” he added.
How to apply for Ruto’s Hustler Fund
Speaking at the launch of the Fund at Green Park, CEOs of the three main telecommunication companies in the country said Kenyans will be required to dial USSD code *254# to access the loan.
The service will also be accessible through mobile application platforms of any of the telcos including Safaricom, Airtel, and Telekom.
To register, users will be prompted to enter their ID number before receiving a confirmation message.
Kenyans will for now, be able to access a personal loan of between Ksh500 to Ksh50,000 at an annual interest of 8.0 percent.
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