To apply for the Hustler Fund in Kenya, follow these steps:
- Dial the USSD code *254# on your mobile phone. This is the official code to access the Hustler Fund platform
- Select the "Hustler Fund" option from the menu. You may also see options for Women Enterprise Fund and Hustler Group; choose "Hustler Fund"
- Choose the type of loan you want:
- Personal Loan: For individuals starting a small business or needing personal financial support.
- Biashara Loan: For those looking to grow an existing registered business (registered with the Business Registration Service)
- Select "Request Loan" to proceed with your application
- Enter the amount you wish to borrow. The system will show your eligible loan amount and the interest rate (typically 8% per year for personal loans, 7% for Biashara loans)
- Confirm that you agree with the loan terms and conditions by selecting the appropriate option
- Enter your mobile money PIN to finalize the application
- Upon approval, the loan amount will be disbursed to your mobile money account, with 95% going directly to your wallet and 5% deposited into a savings account linked to the Hustler Fund (split between long-term pension savings and short-term savings)
Eligibility requirements include:
- Kenyan citizenship and at least 18 years old.
- A valid Kenyan National ID.
- An active SIM card registered for at least 90 days.
- A mobile money account (e.g., M-PESA, Airtel Money, T-Kash).
- For Biashara loans, a registered business with a business number and KRA PIN linked to the business
The loan approval process typically takes between 30 minutes and 2 hours, and you will receive SMS notifications about your application status
. This digital loan service is designed to provide quick and accessible credit to individuals and micro-SMEs without the need for collateral or formal banking history
. In summary, applying for the Hustler Fund involves dialing *254#, navigating the menu to request a loan, entering your desired amount, confirming terms, and completing the process with your mobile money PIN
