The government's flagship programme, dubbed Hustler Fund, was launched by President William Ruto on Wednesday, November 30, fulfilling a key aspect of the president's pre-election promise.
Hustler fund aims to provide 500 times cheaper credit to Kenyans with a daily interest rate of 0.002 per cent.
Kenyans can apply for the loan through a USSD code *254# that leads to a menu providing guidance on the application process.
How to Check Your Loan Balance
- Via USSD dial *254#
- Select Loans
- Check Loan Status
- Select Loan balance
- Enter Mobile Money PIN
You will receive an SMS message with your Loan balance
If you are using the Hustler fund app to access the loan, your loan balance will be displayed on the Hustler Fund app with an option to hide or unhide.
The hustler fund equally has a savings component in which 5 per cent of the loan will go directly into the loanee's savings while you receive 95 per cent of the loan.
Follow the steps below to check your savings balance:
- Via USSD, dial *254#
- Select the option for Savings
- Select Check Balance
- Enter Mobile Money PIN
You will receive an SMS message with your Loan balance
For anyone accessing the loan through the Hustler Fund app, your savings balance will be displayed on the Hustler Fund app with an option to hide or unhide.
The hustler fund is aimed at helping Kenyans start and run businesses across different facets of the economy.
Can You Withdraw/Access Savings Immediately
Customers can only access short-term savings.
To access your short-term savings:
You must have cleared repaying your full loan or 30 per cent of the credit.
How Many Times Can You Deposit Money Into Your Savings Account
You can make any number of deposits into your savings. You can also deposit any amount into your savings.
How Many Times Can You Withdraw from Your Savings
There is no limit on the number of times you can withdraw so long as you have the amount available.
What Will Happen to My savings if I opt Out
Your savings will remain available, and you can view and continue saving.
Which Pension Scheme Will the Customer be Put Into?
The Kenya National Entrepreneurs Savings Trust (KNEST)
