Kenya - How to Repay the Hustler Fund Loan

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Procedure

The Hustler Fund is a Government digital financial inclusion initiative with a loan and saving scheme accessed via mobile phone. The loan limits range from a minimum of Ksh 500 to a maximum of Ksh 50,000 at an interest rate of 8 percent is charged. Ministry of Co-Operatives and Micro, Small, and Medium Enterprises (MSME) Development Contact Details

Apply via Mobile

1. The Hustler fund loan is accessible through a USSD code*254# via mobile applications or downloads the Hustler fund loan mobile app from Google Play and App store; payment for the loan should also be made through the same platforms.
2. Payment of the borrowed loan should be made within 14 days of accessing the loan, If the loan is not paid back within 14 days, the customer’s credit rating is affected, and they are given an additional 15 days. If the loan is still not paid back, the interest rate increases to 9.5% per year.
3. Across all mobile networks (Safaricom, Telkom, or Airtel phone numbers) applicant (borrower) should dial the USSD code *254# and call.
4. Select option 3 “Repay Loan” and press “Send”, then select option 1 “Pay for self” or “Pay for others” (in case of making payment for another person.) then press “Send”.
   • In case of making payment for others, the applicant will be required to enter the Mobile number, and ID Card number of the borrower.
5. Loan payment details will be displayed. Payment can either be made fully or partially by selecting either option.
6. Then Enter the amount you wish to pay and then confirm payment.
7. Enter your mobile money PIN, then press “Send” to complete the process. Wait for an SMS notification on the loan payment from your mobile money wallet and relevant loan information, within a few minutes.

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Required Documents

No supporting documentation is required; however, the following details will be required to be submitted;

• Registered Mobile Number and National identity card. (in case of making payment for others)
• Mobile Money PIN
• Amount to be paid

Office Locations & Contacts

Ministry of Co-Operatives and Micro, Small, and Medium Enterprises (MSME) Development
Address: NSSF, Bishops Road, Nairobi
Kenya
P.O Box 30547 – 00100
Nairobi
Tel: 020-2731531-9
Fax: 2731511
Email: [email protected]
Ministry Contact Details
Ministry Website

Eligibility

• Borrowers of Hustler Fund Loan are eligible to apply.

Fees

• 8 percent interest rate is charged on the borrowed loan if payment is made within 14 days of accessing the loan; after 14 days a penalty is imposed i.e the interest rate is adjusted to 9.5 percent.

Validity

• Payment of the borrowed loan should be made within 14 days of accessing the loan, after 14 days a penalty is imposed i.e the interest rate is adjusted to 9.5 percent from 8 percent per annum.
• The borrower loses all the credit score accumulated and their Hustler Funds account is frozen if they don’t repay the loan 30 days after the default date.

Documents to Use

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Sample Documents

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Processing Time

• The processing time is within a few minutes.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is dkisplayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Payment of the borrowed loan should be made within 14 days of accessing the loan, If the loan is not paid back within 14 days, the customer’s credit rating is affected, and they are given an additional 15 days. If the loan is still not paid back, the interest rate increases to 9.5% per year.
• The Hustler Fund account is frozen and the borrower loses all accumulated credit scores after more than 30 days of default.
• There is also no CRB listing, so this default has no impact on the debtor’s credit score with other lenders. The borrower who defaults may pay off the loan all at once or in installments, and after full repayment, they may borrow again.

Required Information

• Amount to be paid
• Mobile Money PIN
• Mobile number/ ID card in case of making payment for another.

Need for the Document

• The Hustler Fund is a Government digital financial inclusion initiative with a loan and saving scheme accessed via mobile phone. The loan limits range from a minimum of Ksh 500 to a maximum of Ksh 50,000 at an interest rate of 8 percent is charged.
• Payment of the borrowed loan should be made within 14 days of accessing the loan, after 14 days a penalty is imposed i.e the interest rate is adjusted to 9.5 percent from 8 percent per annum.
• The interest applied to Hustler Fund shall accrue daily from the date of loan disbursement until the 365th day upon which the loan may have been fully repaid.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

Ministry of Co-Operatives and Micro, Small and Medium Enterprises (MSME) Development

Others

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