Hustler Fund borrowers to use *254# to access Hustler fund, leading network telcos have announced.
Kenyans who have subscribed to Safaricom, Airtel and Telekom will be required to dial the short code to access the loans after its launch by President William Ruto.
Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui had said there will be no registration required for the Huster Fund.Chelugui says borrowers will use an SMS short code that will take them to a certain menu, leading all the way to the application of the loan.
“We urge members of the public to disregard all forms of communications inviting them to register for funds on a website or via a phone number,” he said.
He added that hustlers will only need their phones, as there will be no intermediaries for the process.
“The money will be accessed via phone numbers and respective networks,” he said.
The CS also announced an establishment of a call centre that will respond to issues and questions of borrowers. He added that the centre will be active once the fund is launched.
Through the Hustler Fund, every time one borrows an amount, Chelugui says 5% of the amount will go to a saving scheme, where the money adds interest.
“For every Sh2 saved, the government will add one shilling.”
How to grow your Huster Fund loan limit
Currently, the fund has a minimum limit of Sh500 and a maximum of Sh50,000.
However, President William Ruto during the launch said borrowers stand a chance of increasing their loan limits if they repay their loans before the stipulated repayment day elapses.
“Wakati unakopa na kulipa ndio unapata nafasi nyigine ya kukopa tena, unagraduate uende micro loan itoke Sh50,000 uende level nyigine,” he said.
This is loosely translated to: “When you borrow and repay your loan, you get another chance of reborrowing, and graduate to another level of the Huster Fund.”
During a press brief, Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui said the loan limit will increase depending on the behaviour of the borrower.
“Limit shall be reviewed and readjusted depending on the borrowing and repayment history of previous loans taken,” he said.
The credit history of a borrower will also determine the amount one will receive.
“Hustlers are encouraged to continue using the Fund and pay their loans on time, to increase their limits.”
