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Hustler Fund Crosses The Sh6 Billion Mark – Eagle News Feed

Hustler Fund

Hustler Fund

The repayment now stands at Sh625 million translating to about 10 percent of the total amount disbursed.

More than 14 million Kenyans have been registered since the fund was launched.

The savings rose to a record Sh312 million. Officials said what Hustler Fund achieved in one week—in terms of savings took NSSF 50 years.

Official records have captured about 600, 000 repeat borrowers, which the managers termed another key pointer.

Apart from personal finance, Hustler Fund comprises of MSE and Startup loans.

Kenyans can access the fund through the USSD code *254#.

Hustler Fund is a key cog in President William Ruto’s economic revival plans.

It is geared towards boosting small-scale traders and protecting borrowers from predatory digital lenders.

The Hustler Fund is a digital lending system that gives Kenyans access to financing at an eight percent pro-rated basis or a daily rate of 0.002 percent.

Those interested are able to access loans of between Sh500 and a maximum of Sh50,000 individually by dialling a USSD code *254# on their mobile devices from any of the telcos Safaricom, Airtel, and Telcom.

When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet.

The remaining five percent shall be deposited to the savings account scheme of the Hustler Fund.

The savings scheme will split savings into 70 percent long-term and 30 percent short-term savings, such that 70 percent of the five percent will go into long-term (Pension) and 30 percent of the five percent will go into short-term.

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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