How to register for the hustler fund in Kenya

Hustler Fund is a Kenyan digital financial inclusion initiative with a loans and savings scheme that can be accessed via mobile phones. It was launched on Wednesday, November 30, 2022. It aims at providing loans to small businesses in the country, relieving them of the struggle to access loans from local banks.

The funds are broken into 4 categories: personal finance, microloans, SME loans, and start-up loans. For the already launched personal finance, the loan limits range from a minimum of Kshs.500 to a maximum of Kshs.50,000. The rest of the products will be launched later on.

Requirements to register for the hustler fund

Below is a guideline on the requirements to apply for a hustler fund, following its terms and conditions:

• Be a Kenyan citizen.
• Age 18 years and older
• Have a valid national identity card (ID number serves as a unique identifier).
• Have a mobile number registered with either Safaricom, Telkom, or Airtel mobile network operator.
• Have a registered mobile account number, either M-PESA, Airtel Money, or TKASH.
• Your registered SIM card must have been used for more than 90 days.
• Must provide residence details.

How to register for the hustler fund via USSD

1. On your phone, dial the short USSD code *254# (the code works on all 3 mobile operators, i.e., Safaricom, Telkom, and Airtel).
2. Next, choose the Register option.
3. Accept the terms and conditions for joining the Hustlers platform.
4. Key in your Mobile Money PIN either for M-PESA, Airtel Money, or TKASH (this is to validate the loan borrower).
5. Upon registration, you will receive an SMS notification confirming that your registration request has been received. It also requests that you wait for a confirmation message with the amount you qualify for within a period of 30 minutes to 2 hours.
6. In case the registration fails, you will still be notified via SMS.

How to register via the M-Pesa App

• Open the M-Pesa app and tap on the Services icon on the bottom navigation tab.
• Next, tap on the Finance icon in the top right corner.
• The Hustler Fund icon will be among the first mini-programs displayed.
• Tap on the icon to register, and wait to see if your registration is successful.
• In case the registration fails, you will still be notified via SMS.

How to Apply for Hustler Fund Loans

After successful registration and receiving your loan limit, you can now borrow the hustler fund loan. Follow the steps below to borrow the hustler fund loan:

• On your phone dial, use the short USSD code *254# or their mobile application.
• Next, select option 1, Request loan, to view your loan limit, interest, and loan tenure.
• Enter the loan amount and press “Send” to continue. The loan amount should not exceed the loan limits stated in the SMS.
• Enter your mobile money PIN.
• Confirm the loan details to ensure that they are correct. If okay, press Send to continue.
• You will receive an SMS with your loan allocation and the relevant loan information.

It is important to note that 95% of the loan applied for will be sent to your mobile money account and 5% to your savings account.

The amount sent to your savings account is further split, such that 70% will be sent to your long-term pension account and 30% to your short-term savings account.

Read Also How to Redeem Telkom Ziada Points

How to check Hustler Fund Loan Balance

• Dial *254# to get to your Hustler Fund account.
• Select the loan option on your mobile phone menu.
• Choose the Check Loan Status option.
• Key in your PIN.
• You will receive a message showing your current loan balance.

How to pay a Hustler Fund Loan

You are required to repay the Hustler Fund loan within 14 days at an interest rate of 8%. Note that paying your loan within the required time will also increase your loan limit with time. The borrower may repay the loan at once or in part, provided it is done within 14 days. Failure to do this:

• If the loan is not paid within 15 days, the interest rate will be adjusted to 9.5% per year.
• If not paid within 30 days and over, you will lose your existing credit score, and your account will be frozen. However, this will not affect the rest of the loan services. Interest will continue to accumulate.

To repay your loan, follow the simple steps below:

• Dial *254# from the line you used to borrow from.
• Next, select the Repay Loan option.
• Follow through with the prompts to complete the repayment from your mobile wallet.

How to Opt-Out Hustler Fund Loan

It is possible to cancel the Hustler Fund registration for the service. However, you cannot opt out if you have an outstanding loan or unpaid interest. Here is how to do it:

• Dial *254# from the line you used to borrow from.
• Next, select the opt-out option.
• Follow through with the prompts to complete the opt-out process.