How to Apply for the Hustler Fund on Your Mobile Phone

Following the official launch of the Hustler’s Fund by President William Ruto on the afternoon of Wednesday, November 30, 2023, Kenyans can now apply for the funds also known as the Financial Inclusion Fund from the comfort, convenience and privacy of their mobile phones. 

Hustler Fund borrowers will use the USSD Code *254# to access the fund. This was announced by the leading telcos in Kenya; Safaricom, Airtel and Telkom.

Alternatively, you can also use the mobile applications of any of the telcos you are subscribed to access the fund. 

This will be operation as from midnight December 1, 2022.

Subscribers of any of the three telcos only need to dial this code to begin the process of applying for the HUstler Fund, a pivotal campaign promise by the Kenya Kwanza administration.

The Cabinet Secretary for Co-operatives Simon Chelugui had earlier said that there would be no need for registration or any paperwork for one to apply for the Hustler Fund. 

Read Also: How Does the Hustlers’ Fund Compare to Other Loans?

"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. 

Steps to Access Hustler Fund via Mobile App or USSD

1. Dial USSD code *254# or open the mobile application of your respective mobile service provider and navigate to the ‘Hustler Fund’ section.
2. Select the loan request option to view the limit, interest, and loan tenure.
3. Enter the loan amount and press OK to continue
4. Confirm loan details as displayed to continue
5. Enter your Mobile Money pin
6. Receive SMS notifications on Loan allocation with relevant loan information.

What Happens When You Borrow From the Hutler Fund?

1. The approved loan is sent to your mobile money account: 

• 95% is deposited in your money wallet 
• The remaining 5% is deposited in your savings account scheme of the Hustler Fund

2. The 5% that goes to the savings scheme is split into two: 

• 70% of this goes to long term savings (pension) 
• 30% to short-term savings

What Happens if You Default on The Hustler Fund?

1. If the loan is not repaid in 14 days, the your credit rating is affected
2. You are given 15 more days and if the loan is not repaid, the interest rises to 9.5% a year
3. After more than 30 days of default, you lose all the credit scores accumulated and your Hustler Fund account is frozen
4. Note that there is no CRB and this default does not affect the person’s credit rating with other creditors.
5. The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment

 The loan repayment will be made from your Mobile Money account; either manually through the USSD code *254# or the mobile app of your service provider.