The Hustlers Fund which has been described as a ground-breaking financial solution for Kenyans was officially launched yesterday at Greenpark Terminus by the President, his Deputy, and other Cabinet Secretaries and Governors too.
Even right before the launch, the fund was already in high demand as revealed by the President during the launch. He told the audience that 600 Kenyans were already trying to access the fund after every second.
The fund named after the nickname given to the current regime’s campaign motto is an attempt in creating opportunities for millions at the bottom of the economic pyramid.
The Hustlers Fund will also not discriminate against those with bad credit or listed by the Credit Reference Bureau which has been an issue for many people who owe other digital creditors such as Fuliza, Mshawari, and banks too.
Kenya Commercial Bank Website is the only non-media site that has more information on the fund so far: https://ke.kcbgroup.com/about-us/news-room/banking/hustler-fund .
Whether the fund will be a success story or not is obviously yet to be determined but many Kenyans sure need a financial boost, especially those who are channeling the money toward income-generating activities.
Hustlers Funds in Numbers
Dial #254 on any network to access HF.
Hustler Fund will be clustered into 3 products: a) Individual Borrowing (Ksh 500 – Ksh 50,000) b).
Group borrowing (Ksh 50,000 – Ksh 250,000) c). SMEs and Co-operative Borrowing 5% of the borrowed amount is automatically saved.
30% of your savings are accessible after 6 months, and 70% after you hit the age of retirement through NSSF.
The interest rate shall be 8% per year, translating to 0.2% per day.
This interest rate will apply after 14 days of borrowing.