Ruto launches second product of hustler fund; qualifications and how to apply

Ruto launches the second phase of the hustler fund targeting groups such as Chamas and Saccos.

On Thursday, June 1, President William Ruto unveiled the Hustler Fund’s second phase, which focuses on organizations like chamas and Saccos.

Members may apply for amounts ranging from Ksh20,000 to Ksh1,000,000 through the Group Micro Enterprise Loan programs.

“It is now my honour and pleasure to introduce and officially launch the second product of Hustler Fund, the Hustler Group Loan,” Ruto stated.

“I am glad that this launch of the group loan product is taking place against the backdrop of the phenomenal success of the Hustler Fund Personal Loan product. I expect this product will encounter even greater appetite from the market,” he added.

The second product of the Hustler Fund will enable groups to overcome exclusion and barriers to participation in credit, savings, social security, health insurance, and other socioeconomic amenities.

Borrowers, he stated, have accessed nearly Ksh30 billion, and repaid Ksh19.7 billion, with 7 million being loyal or repeat customers.

“Not a single shilling has been stolen through corruption, and borrowers do not need to know anyone, bribe any official or go through complex bureaucratic procedures to access the Hustler Fund. They only need a device, a little airtime, and a few minutes, and they can get money wherever they are.

“On its way to becoming the biggest financial institution by the number of borrowers and active loans effectively, the Hustler Fund also turned around the country’s fintech, transforming it from a predatory ecosystem to a more responsible one,” he underlined.

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Group Microenterprise loan products (GMELP) features

Offers amounts between Ksh20,000 to Ksh1,000,000

Interest rate: 7 percent per annum on reducing balance and 1.5 percent default rate.

Repayment in six (6) months from the disbursement date. Borrowers can opt to repay in installments or lump sums.

Saving: 5 percent of the approved amount respectively, channeled towards group members’ savings scheme.

The Groups scoring will be appraised through a credit scoring algorithm based on collective individual members’ scores, including but not limited to, their savings and repayment history.

Qualifications

All group members should be Kenyan citizens of 18 years and above with a valid National Identification Card (ID).

A group should comprise of at least 5 members.

Each member should have an active sim card issued by an approved Mobile Network Operator for the last 90 days.

The Chama should be verified relevant government Institution

All group members should not have defaulted on the Personal