![]() ![]() President William Ruto launched the second phase of the Hustler Fund during the Madaraka Day celebrations on 1 June 2023. President Ruto Launches Hustler Fund for Chamas That way you keep your existing credit history, credit rating and avoid the additional 9.5 per cent interest on the loan.įunds in the short term savings account will earn at an interest rate of 9 per cent per annum. Hence, it makes sense to repay the loan before the 15 days. The borrower loses all the credit scores accumulated and their Hustler Fund account is frozen if they don’t repay the loan 30 days after the default date. Your interest rate will be adjusted to 9.5 per cent 15 days after the default date. Those who borrow, need to repay the loan within 14 days.Īfter 14 days, penalties apply. ![]() The Hustler Fund interest rate is set at 8 per cent pro rated basis per annum. They currently earn within a range of 9% to 10% which is higher than the Hustler Fund interest rate below! Money Market Funds are a good place to park your loan amount as you wait for a project for it. When a customer borrows, the approved loan is disbursed to their mobile money account. The loan limits range from a minimum of Kshs 500 to a maximum of Kshs 50,000. ![]() The banks a customer borrows from currently include Family Bank and KCB Bank. This is done through dialing *254# via any of the mobile network operators or apply via the approved mobile application platforms. Individuals, Micro, Small and Medium sized enterprises (MSMEs) can begin borrowing loans or access the savings account scheme. The Hustler Fund is one of the flagship projects for the Kenya Kwanza administration that seeks to provide attractive interest rates to all Kenyans. It was launched by President William Ruto and Cabinet Secretary Simon Chelugui on Wednesday, November 30 2022. The Hustler Fund is a digital financial inclusion initiative with a loans and savings scheme accessed via mobile phones. The guide includes a curated list of transactions that are FREE via MPESA! About Hustler Fund Learn about the New MPESA charges for sending or receiving money via phone, ATM or MPESA agent. On the first day, Kenyans with a good credit rating borrowed Kshs 17 Million per hour! Mostly due attractive interest rates for loans and short term savings account You’ll receive an SMS with your loan allocation and the relevant loan information.
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