How to Apply for Hustler Fund in Kenya: A Comprehensive Guide

The government introduced the Financial Inclusion Fund, popularly known as the Hustler Fund, to empower most Kenyan citizens working in the informal sector. This initiative aims to provide accessible financial solutions, including affordable credit, competitive savings, and insurance solutions. This article provides an in-depth guide on how to apply for the Hustler Fund in Kenya, ensuring that you're well-prepared to access this valuable resource.

Understanding the Financial Inclusion Fund (Hustler Fund)

The Financial Inclusion Fund, or Hustler Fund, was established by the Kenyan government to address the financial needs of the informal sector, which constitutes more than 80% of the workforce and contributes significantly to the GDP. The fund is designed to offer holistic financial solutions targeting those at the bottom of the pyramid, including micro, small, and medium enterprises (MSMEs). The pillars of the Hustler Fund include affordable credit, competitive savings, comprehensive insurance solutions, access to affordable housing, market linkages, and financial literacy.

Eligibility Requirements for the Hustler Fund

To qualify for the Hustler Fund loans, you need to meet specific eligibility criteria:

• Be a Kenyan citizen aged 18 and above.
• Possess a valid National Identity Card (ID).
• Have a registered mobile number with a recognized network operator (Safaricom, Airtel, or Telkom).
• Maintain a registered mobile money account (e.g., MPESA, Airtel Money, or TKASH).
• Use the registered SIM card for more than 90 days.
• Provide residence details.
• While not mandatory, having a valid good conduct certificate is beneficial.

Step-by-Step Guide to Registering for Hustler Fund Account

1. Dial USSD code *254#.
2. Access Hustler Fund via USSD code (*254#) or the mobile app.
3. Choose the "Register" option.
4. Accept the terms and conditions on the official website.
5. Enter your Mobile Money PIN (MPESA, Airtel Money, or TKASH).
6. Receive an SMS confirming successful registration.

Applying for Hustler Fund Loans

Follow these steps to apply for Hustler Fund loans via USSD:

1. Dial *254#.
2. Select the "Request Loan" option.
3. Enter the loan amount within your limit.
4. Enter your Mobile Money PIN.
5. Confirm loan details and receive an SMS notification.

Understanding Loan Disbursement

Once approved, your loan amount will be disbursed as follows:

• 95% of the loan to your mobile money account.
• 5% to your savings account, split as 70% to long-term pension and 30% to short-term savings.

Recent Developments: Biashara Loan

The government has expanded the Hustler Fund with the Biashara Loan, aimed at micro-SMEs. Here's how to register and apply:

1. Dial *254# and choose your business category.
2. Enter your business registration number and linked KRA pin.
3. Ensure eligibility criteria are met.
4. Benefit from flexible loan limits and repayment periods.

Benefits and Interest Rates

The Hustlers Fund offers numerous benefits, including affordable credit and attractive interest rates. The interest rate for Hustlers Fund loans is 8%, making it an appealing option for individuals and MSMEs seeking financial support.

READ ALSO: Hustler Fund Biashara Loan: Here Are The New Terms, Interest Rates, and Application Process Explained

Conclusion

The Financial Inclusion Fund, popularly known as the Hustler Fund, is a transformative initiative by the Kenyan government to empower the informal sector with accessible financial solutions. By following the registration and application steps outlined in this guide, individuals and businesses can access credit, savings, and insurance services that can catalyze their growth. Embrace this opportunity to achieve your financial aspirations and contribute to Kenya's economic progress.

FAQs

What is the core objective of the Hustler Fund? 

The core objective of the Hustler Fund is to provide holistic financial solutions targeting people at the bottom of the pyramid, including affordable credit, competitive savings, insurance solutions, and more.

How can I register for the Hustler Fund?

 To register, dial *254#, access the Hustler Fund via the USSD code or mobile app, choose the "Register" option, and accept the terms and conditions. Enter your Mobile Money PIN to complete the process.

What are the eligibility criteria for Hustler Fund loans? 

To be eligible, you must be a Kenyan citizen aged 18 and above, possess a valid National ID, have a registered mobile number with a recognized operator, and maintain a mobile money account.

How is the loan disbursed after approval? 

Upon approval, 95% of the loan amount will be deposited into your mobile money account, while 5% will be split between long-term pension and short-term savings.

What is the Biashara Loan, and how can I apply for it?

 The Biashara Loan is an expansion of the Hustler Fund aimed at micro-SMEs. To apply, dial *254#, choose your business category, enter your business registration number and linked KRA pin, and meet the eligibility criteria for flexible loan limits and repayment terms.

What is the interest rate for Biashara Loan?

 The Biashara Loan offers a low-interest rate of 7%, calculated on a pro-rated or daily basis, making it an attractive option for micro-SMEs seeking credit.

Disclaimer

This article provides general information about the Hustler Fund and its registration and application processes. While efforts have been made to ensure accuracy, readers are encouraged to verify details and visit official platforms for the latest information regarding the fund and its services.