Hustler fund was officially launched yesterday, meaning you can now register and see how much Ruto’s government is willing to give you as a loan. To register for the fund all you need to do is dial *254#. Before you dial the USSD code though, you need to check whether the line you are using to register has been active at least in the last 90 days, whether you are a duly registered Kenyan with a valid national ID, and whether your age is no less than 18 years.
The second thing you need to know is that hustler fund is repayable within 14 day. This then makes one think of hustler fund as a much cheaper fuliza. Fuliza charges 1 per cent per month, which works out to be 12 per cent per year, whereas hustler fund charges 8 per cent per year. 8 per cent per year works out to be around 0.3333 per cent interest for the 14 days that you will be required to make the repayment.
Hustler fund is said to be a fund that is dibursable through all mobile money wallets (MPESA, Airtel Money and T-Kash). According to this pdf document on the terms and conditions of hustler fund, however, the fund is only available via Telkom network and the only recognised mobile money wallet is T-kash. The pdf document with the terms and conditions appears to have been drafted before Safaricom and Airtel were included in the hustler fund, given that as of the time of this writing, it is possible to also register for the fund via Safaricom and Airtel networks and receive the fund via their respective mobile money wallets.
Several Kenyans have already applied for the fund, with a number of them getting loan limits below Kshs 1,000. Of those who replied to this tweet, only one person mentioned that he got a shs 3,000 limit and was able to borrow the said amount. Upon being given the loan, 5 per cent of the loan amount automatically goes to a saving account set for you by the government.
