Finally, President William Ruto launched the much anticipated Financial Inclusion Fund, commonly known as the Hustler Fund.
On Wednesday, December 30th, the head of state launched the historic Affirmative Action Fund at an event held at Green Park Terminus, Nairobi.
In attendance were various government officials and stakeholders, who will be involved in the management of the program.
This is just one of the fulfilments the president had promised to deliver to non-formal employees, better known as ‘Juakali operators’ or ‘hustlers’. However, every Kenyan is eligible to apply depending on whether you qualify or not.
An individual applicant is eligible for a Ksh50,000 loan from Ksh500. The exact amount is determined by one’s credit score, including proof of repayment ability.
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As part of the distribution system, the government has co-partnered with financial institutions and all major telecommunications firms to aid the process.
Requirements/Qualifications for one to apply
Just like any other funding, the Hustler Fund comes along with terms and conditions to be fulfilled before acquisition. In order to stand a chance of getting the funds, the following conditions must be fulfilled by the applicant.
- Be a Kenyan citizen of 18 years and above.
- Posses a valid National Identification Card or Passport.
- Have a registered mobile number with a recognized mobile network operator. i.e Safaricom, Airtel or Telkom. Your registered number/SIM card MUST have been in use for more than 90 days, hence, you cant register today just because the funds have been availed to rush for the application.
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- Have a registered mobile money account e.g Airtel Money, M-Pesa or T-Kash
- The residence details must be clear.
Steps to Open a Hustler Fund Account
- Dial USSD code *254#
- Choose register option
- Accept the terms and conditions
- Enter mobile money PIN
- Receive SMS notifications
How to Apply for the Hustler Fund Loans
After opening the Hustler Fund Account, you can now proceed to apply for the loan. The procedure for applying for the loan is as follows:
- Dial USSD code *254#
- Select ‘Request Loan‘ option, that is, option one, then send.
- Enter the loan amount
- Enter your PIN
- Confirm loan details
- Receive SMS notifications
