The Kenyan Government has launched a small loan scheme dubbed "Hustler Fund" to support enterprises in the country.
The goal of the Hustler Fund is to make credit affordable to sections of the population that have been left behind by lending to businesses at 8 per cent per annum.
By providing loans between Ksh500 ($5) and Ksh50000 ($500), the fund, valued at Ksh50,000 billion (US$409 million) annually over the next five years, will aid in the liberation of nearly 15 million individuals.
The repayment period is 14 days, and the appropriate interest rate is 8% annually, calculated daily.
"We are establishing a culture of saving, investment and social security," said President Ruto during the fund's launch.
Hustler fund was launched in conjunction with Safaricom and other mobile network operators like Airtel and Telkom. The scheme will leverage on M-PESA, Airtel Money, and T-Kash to disburse and manage their credit products.
Borrowers can use the USSD code *254# or a mobile app to access Hustler Fund. A borrower must be at least 18 years old and have a Kenyan identity card to be eligible. They must have sim cards that are more than 90 days old and be M-PESA, Airtel Money, or T-Kash subscribers.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.