The Hustler Fund is an affordable credit initiative launched by President William Ruto’s administration to empower small businesses and low-income earners in Kenya. With a budget of Ksh 50 billion, the program is designed to make cheap credit more accessible to individuals, small enterprises, groups, and cooperatives.
Launched on 1st December 2022, the fund has been a game-changer for SMEs and informal sector traders, offering flexible borrowing terms and encouraging financial inclusion.
Hustler Fund Loan Limits
Borrowers can access between Ksh 500 and Ksh 50,000, depending on their credit score and repayment history. Consistent and timely repayments can help you qualify for higher amounts in the future.
Interest Rates and Repayment Terms
- Interest Rate: 8% per annum for loans repaid within 14 days.
- Late Payment: If unpaid within 14 days, you get an extra 15 days to repay. However, the interest rate increases to 9.5% per annum.
- Default Consequences: While defaulters are not listed on the CRB, failure to repay after 30 days will freeze your Hustler Fund account and erase your accumulated credit score.
How to Access the Hustler Fund Loan
The Hustler Fund is available across all mobile networks (Safaricom, Airtel, Telkom) via the USSD code:
Dial *254# → Select ‘Register’ → Follow prompts
Important Rules:
- You cannot borrow using multiple mobile numbers your National ID is your unique identifier.
- Giving false information or misusing the funds may lead to penalties.
Repaying the Hustler Fund Loan
All repayments are made through your mobile money account (e.g., M-PESA, Airtel Money, or T-Kash).
Eligibility Criteria
To qualify for the Hustler Fund, you must:
- Be 18 years or older.
- Be a permanent resident of Kenya.
- Belong to a low-income earning bracket.
- Be a member of a registered investment group, credit society, or association.
- Have a valid Certificate of Good Conduct.
How to Apply for the Hustler Fund Loan
a) Mobile Application Process
- Dial
*254#on your phone. - Select Option 1: Register.
- Accept the Terms and Conditions.
- Enter your M-PESA PIN (or equivalent mobile money PIN).
- Receive a confirmation message for successful registration.
- Within 2 hours, you’ll get a message with your loan limit.
b) Physical Application Process (For Group Loans)
- Form a youth group or women’s group.
- Create a business proposal detailing your intended use of the loan.
- Obtain a valid Certificate of Good Conduct.
- Provide your residential/home address.
- Get four guarantors — at least two must be relatives.
- Sign a Non-Disclosure Agreement committing to repay within 6 months (failure could lead to jail time).
- Open an account with KCB Bank or National Bank.
- Provide your valid KRA PIN.
Expert Tips to Increase Your Hustler Fund Limit
- Always repay on time to improve your credit score.
- Start with smaller amounts and build your borrowing profile gradually.
- Keep accurate records of your business finances for better loan assessment.
Final Takeaway:
The Hustler Fund is a great opportunity for small traders and groups looking for affordable credit in Kenya. By following the correct application process and repaying your loan promptly, you can access higher amounts and grow your business sustainably.
READ MORE: Top Money Market Funds in Kenya
