Barely 24 hours after President William Ruto launched the Hustler Fund, a total of Sh408 million had been disbursed.
Cooperatives and MSMEs Cabinet Secretary Simon Chelugui said Thursday that 1.14 million Kenyans have fully registered with the kitty designed to boost small scale traders.
To be eligible, one must be at least 18 years old, have a national identity card and a registered SIM card and mobile money account with Safaricom, Airtel or Telkom.
Further, their lines must have been in use for at least 90 days. This means that if you buy a new SIM card today and register it solely for the purpose of getting the loan, you will not be eligible.
To borrow, an individual dials *254# from any of the three mobile phone network providers. They can also use the mobile applications of the three telcos to apply for a loan.
President Ruto launched the personal finance product, which is among the four loan products provided by the Hustler Fund. The others – microloans, small and medium-sized enterprises (SMEs) loans and start-up loans – will be launched at a later date.
“We will unshackle millions of Kenyans from the chains of debts that they are unable to pay,” said the President.