Hustler Fund borrowers will use the USSD Code *254# to access the fund. This was announced by the leading telecoms in Kenya; Safaricom, Airtel and Telkom. Borrowers can also use the mobile applications of any of the telecommunication firms they are subscribed to access the fund.
According to the information we currently have, the fund will be available from midnight December 1, 2022. The subscribers of any of the three popular telecoms will only need to use the USSD code to apply. To register an account on the platform, a customer is required to sign up for the fund through the USSD code or the mobile app.
According to the Cabinet Secretary for Co-operatives Simon Chelugui, there would be no need for registration or any paperwork for one to apply for the Hustler Fund. In other words, the Hustler Fund is accessible to Kenyan borrowers by just dial the *254# USSD code to begin the process of applying for the Hustlers Fund.
To apply for the Hustler Fund loan, a registered customer is required to:
- Dial USSD code *USSD code# or mobile application.
- Select the loan request option to view the limit, interest, and loan tenure.
- Enter the loan amount and press OK to continue
- Confirm loan details as displayed to continue
- Enter Mobile Money pin
- Receive SMS notifications on Loan allocation with relevant loan information.
They will then be required to accept the Terms and Conditions to join the fund, then enter their mobile money pin. Upon fulfillment of these steps, an SMS will be sent to notify them of their successful registration and the limit assignment. In the event of a failed registration, the borrower will be notified via SMS. When the customer borrows, the approved loan will be disbursed to their mobile money account where out of the total approved loan amount, 95% shall be deposited to the mobile money wallet. The remaining 5% shall be deposited to their savings account scheme of the Hustler Fund. The savings scheme will split savings into 70% long-term and 30% short term savings, such that 70% of the 5% will go into long term (Pension) and 30% of the 5% will go into short term.
