President William Ruto will today, Wednesday, November 30, Launching the Hustlers Fund, a platform in which Kenyans will be able to access loans at an interest rate of 8.5 per cent per annum.
Cabinet Secretary For Co-operatives and SMEs Development Simon Chelugui has said the platform will be accessible to all Kenyans and that they will not require registration to access it.
According to the CS, 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.
"The money will be accessed via phone numbers and respective networks."
Beginning tomorrow, Thursday, December 1, 2022, Kenyans will access the Hustler Fund by *254# across all networks.
Kenyans will be required to have only their phone numbers to access the platform and borrow a loan.
For every amount borrowed in the Hustler Fund platform, Chelugi says 5% of the amount will go to a saving scheme, where the money adds interest.
In the savings scheme, the government will add half the amount deposited at the scheme.
"For every Sh2 saved, the government will add one shilling," a Cabinet dispatch seen by Nairobi Leo indicated.
The Hustler Fund repayment period has been set at 14 days. Borrowers will be required to pay back the money within two weeks.