President William Ruto’s Hustler Fund was rolled into credit market Wednesday in an anticipatory move to save millions of Kenyans from “predatory“ lending by banks.
The Ksh.50 billion programme will attract an annual interest rate at a single digit of 8 percent, the cheapest in Kenya’s credit market history.
How to apply.
The process is between two parties, a borrower and a mobile phone but a credit score shall be used to asses one’s creditworthiness before loan approval.
• Dial USSD code USSD code *254# or via mobile.
• Select the loan request option to view the limit, interest, and loan tenure.
• Enter the loan amount and press OK to continue
• Confirm loan details as displayed to continue
• Enter Mobile Money pin
• Receive SMS notifications on Loan allocation with relevant loan information.
The minimum amount one will apply has been caped at Ksh.500 to the highest threshold of Ksh.50,000, with a daily fee of Ksh.0.002 percent or a pro-rated annual fee of 8 percent.
