Are you a Kenyan entrepreneur looking for funding to grow your business? If so, you may be eligible for the Hustler Fund. Learn how to apply for Hustler Fund on your Phone using the USSD code *254# or the MPESA mobile app. Elevate your business or bring your business ideas to life.
The Hustler Fund is a new government initiative that provides affordable loans to Kenyan individuals and Micro, Small, and Medium-Sized Enterprises (MSMEs) in Kenya. If you’re a Kenyan entrepreneur ready to take your business to the next level, the Hustler Fund could be your perfect opportunity.
The Fund is designed to help Kenyan entrepreneurs who have great business ideas but lack the financial resources to bring them to life. The fund is open to individuals and businesses of all sizes and stages, and there are no restrictions on the type of business you can apply for funding.
What is the Hustler Fund?
Hustler Fund is a Financial Inclusion Fund established by the government to help cushion and mitigate financial shocks for this informal sector, which accounts for more than 80% of the workforce and contributes over 33% of the Gross Domestic Product (GDP).
Hustler Fund aims to help individuals start or grow their businesses without being burdened by high-interest rates from banks or other digital mobile lenders. The Hustler Fund interest rate is 8% per annum or a daily rate of 0.002%, lower than the rates offered by financial institutions.
How to Register for Hustler Fund on Your Phone
Before you can apply for a Hustler Fund loan, you are required to first register for the fund – which you can register through the USSD code or the MPESA mobile app. Here is how to register for Hustler Fund using the USSD Code *254#:
- Dial *254# on your phone
- Enter your National ID number
- Accept the Terms and Conditions to join the Fund
- Enter your mobile Money PIN
Note that once you register for the loan, your membership is permanent, and you cannot opt out of the Hustler Fund.
How to Apply for Hustler Fund
Once you have registered for the Hustler fund and are assigned a loan limit, you can now proceed to apply for the loan. There are two ways to apply for a Hustler Fund loan:
- MPESA Mobile App
- USSD Code *254#
Related: How to Pay Hustler Fund in Kenya (2 Ways).
1. How to Apply for Hustler Fund Via MPESA App
How to apply for Hustler Fund loan through the MPESA mobile app. Follow these steps:
- Download the app from the App Store or Google Play
- Create an account, and follow the instructions on the app to complete your application.
- Open your MPESA app and log in using your MPESA PIN or Biometrics.
- Scroll down to the Public Sector and Select Hustler Fund. Wait for the mini-program to load.
- Tap on Hustler Fund, and you will see your Hustler Fund loan limit
- Tap on the Request Loan button
- Enter the loan amount you wish to borrow and tap OK to continue. (Amount should not exceed your loan limit)
- Confirm the details as displayed, then tap on Continue
- Enter your MPESA PIN or Biometrics.
Once your loan request has been approved and processed, you will receive a text message from Hustler Fund that your loan request has been successful. The loan amount minus the savings will be sent to your MPESA. This means that out of the total approved loan amount, 95% shall be deposited to the MPESA, while the remaining 5% will be deposited to the Hustler Fund savings account.
2. How to Apply for Hustler Fund Using USSD Code *254#
You can also apply for a Hustler Fund loan using the USSD code *254#.
Steps on how to apply for hustler fund using the USSD code *254#;
- Dial *254# on your mobile phone
- Select the Hustler Fund option
- Then choose Personal Loan
- Select Request Loan
- Enter the Loan amount you wish to borrow and then confirm. (Amount should not exceed your loan limit)
- Enter your MPESA PIN and send
In the event that you don’t qualify for a Hustler Fund (your loan limit is zero), you can sign up and apply for a loan with other mobile lenders regulated and licensed by the Central Bank of Kenya.
Eligibility Criteria for the Hustler Fund
To be eligible for a Hustler Fund loan, you must meet the following criteria:
- Be a Kenyan citizen aged 18 years and above
- You must have a valid Kenyan National ID Card
- Have an active and registered SIM card from a recognized mobile network operator in Kenya – Safaricom, Telkom, or Airtel
- You must be a resident of Kenya and conduct your economic activities in Kenya.
- Be able to provide your Sub-County of residence during the registration process.
How Much is the Minimum for Hustler Fund?
The Hustler Fund loans start from a minimum of KES 500 to a maximum of KES 50,000. The loan has a repayment period of 14 days from the day of the loan disbursement and can be extended to 30 days.
Hustler Fund gives Kenyan citizens and businesses affordable short-term loans at an interest rate of 8% per annum. You will be charged a 1.5% default rate in case of late repayment.
What is the Hustler Fund USSD Code?
The USSD code to apply for Hustler Fund *254#. You can dial this code and access the fund on any of Kenya’s recognized mobile network operators.
Also, read:
Grow Your Business Using Hustler Fund
Now that you know how to apply for Hustler Fund loan, learn how to pay the Hustler Fund loan in two different ways. Repaying your loan on time will help you increase your Hustler Fund loan limit and build a good credit rating.
