Wednesday, April 17, 2024
No menu items!
Ad

Top 5 This Week

bama cap

Related Posts

How to Use Your Phone to Apply for The Hustler Fund

The fund is expected to give much-needed assistance to millions of Kenyans who were unable to get credit due to being blacklisted by multiple credit rating organizations. Loans range from a minimum of Ksh. 500 to as high as Ksh. 50,000 at 8 per cent pro-rated basis or a daily rate of 0.002 per cent.

So how can you use your phone to access the Hustler Fund?

Any Kenyan mobile network operator’s mobile application platforms and the USSD code *254# can be used to access the fund.

- Ad -

So how can you use your phone to access the Hustler Fund?

Any Kenyan mobile network operator’s mobile application platforms and the USSD code *254# can be used to access the fund.

- Ad-

Before being introduced by President William Ruto, the service was not yet up and running at the time of publication.

A customer must sign up for the fund via the USSD code or the mobile app to create an account on the platform.

- Ad -

To join the fund, they will then need to accept the terms and conditions and submit their mobile money pin.

An SMS will be issued to them upon completion of these steps to inform them of their successful registration and the limit assignment.

An unsuccessful registration will result in an SMS notification to the borrower.

A registered customer must: to apply for a loan:

• Call the USSD code *USSD code# or use a mobile app.

• To view the limit, interest rate, and loan term, choose the loan request option.

• Type the loan amount and click OK to proceed.

• Verify the loan information displayed to continue.

• Type your Mobile Money pin in.

Receive SMS notifications on Loan allocation with relevant loan information.

The customer’s mobile money account will get the authorized loan when they request a loan, with 95% of the entire approved loan amount being placed into the mobile money wallet.

The remaining 5% will be deposited into their Hustler Fund savings account system.

The savings plan will divide funds into long-term savings of 70% and short-term savings of 30%, meaning that 70% of the 5% will go to long-term (pension) savings and 30% to short-term savings.

As an illustration, if a customer loans KSh 1,000, KSh 50 (5% of KSh 1,000) will be deposited into their savings account as shown below.

  • KSh.35 (or 70% of KSh.50) will be transferred to the pension account.
  • 30% of Ksh. 50, or KSh. 15, will be put into a short-term savings account.
Yvone Kendi
Yvone Kendi
Writer by heart. Lover of life and technology. Helping you with simple life hacks using technology. Contact me at [email protected]

Popular Articles