President William Samoei Ruto has launched Ksh 50 billion Hustler Fund at the Green Park terminus in Nairobi.
The president officially launched hustler fund today at the ceremony attended by the deputy president Rigathi Gachagua, Attorney general Justin Muturi, Cabinet Secretaries and other leaders.
Ruto explained that the fund would have four different products: personal loans, groups, small enterprises and cooperatives or corporations which must be paid back in 14 days.
With a daily interest rate of 0.002%, the fund will offer loans to Kenyans from as low as Ksh 500 up to Ksh 50,000. SMEs and new businesses are eligible for loans up to Ksh250,000.
Loan applications will be through using USSD code *254#, which will take the user to a menu. One can also use an application offered by mobile money service providers.
95% of the funds will be transferred to your mobile money account, while the remaining 5% will be transferred to your savings account in support of the Hustlers pension plan.
The loan repayment will be made from your Mobile Money account and the customer can only opt-in once. Application for the funds will be entirely digital.