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Hustler Fund Loan and How to Apply

By Oluchukwu Ikemefuna

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On Wednesday, November 30, 2022, in Nairobi’s Green Park, President William Ruto officially launched the Hustler Fund loan, the flagship initiative of his administration.

It is anticipated that the fund will offer much-needed support to millions of Kenyans who were denied credit because they were placed on numerous credit rating agencies’ blacklists.

During the initial stage, the Hustler Fund loan will lend money at a prorated rate of 8 percent or a daily rate of 0.002 percent, with loans starting at Sh500 and going up to Sh50,000. Repayment of the loan is due in 14 days.

A person’s credit score will impact how much they can borrow, with more money available to those who make timely repayments.

Kenyans can access the money through mobile application platforms from any of the country’s mobile network providers and by utilizing the USSD code *254#.

It’s crucial to remember that the Hustler Fund will only be accessible starting on December 1, 2022, when the instructions listed below will become active.

In this article, we will examine all you need to know about hustler fund loans, including how to apply, the hustler fund loan limit and how to register on the hustler fund loan app. Let’s get started.

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What is the Hustler Fund?

The Hustler Fund loan, also known as the Financial Inclusion Fund, is an initiative for digital financial inclusivity that attempts to give Kenyan citizens access to responsible financing as well as financial support for MSMEs (micro, small, and medium-sized firms).

This fund is notable because it develops and implements bottom-of-the-pyramid financial services and solutions that are appropriate for the underserved and unserved population, giving personal, micro, small, and medium-sized firms easy access to responsible finance. 

Chamas benefit from financial inclusion in terms of enterprises and investments as well. These loans are affordable, accessible, and of high quality. Credit, savings, insurance, pensions, and investment possibilities are among the goods it provides.

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Who Does the Hustlers Fund Assist?

On November 30, 2022, the hustler fund loan app was launched, allowing eligible residents to apply for loans. In addition, the fund’s financial strategy called for Kenyans to have access to a finance pool of 50 billion shillings (about USD 409 million) annually for at least five years, and it would grant individual loans up to 50,000 shillings. 

As a result, 20 billion shillings had been given out by January 2, 2023. There are currently four different types of loans available on the hustler fund loan app: microloans, personal loans, small- and medium-sized business (SME) loans, and startup loans. Borrowers are subject to an annual flat interest rate of 8%.

Eligible recipients of the Hustler Fund loan: A woman managing her SME. It’s also vital to remember that users of this platform will have access to both a short-term savings plan and a long-term pension programme. 

To the extent determined by the programme, the Kenyan government will match all savings created by borrowers on this platform at a 2:1 ratio. Thus, the government will give one penny for every two shillings that a private citizen saves. 

Furthermore, since there are no processing fees associated with the hustler fund loan, you will receive 95% of the loan, with the remaining 5% going towards a personal savings plan that will be divided into 30% for short-term savings and 70% for long-term savings. Repayment of the loan can be done through the mobile money account.

Hustler Fund loan Requirements

In order to qualify for the hustler fund loan app, you must:

  • Be a citizen of Kenya as an adult (18 years and above)
  • possess a valid passport or national ID number, as these serve as the main means of identification and citizenship evidence.
  • possess a legitimate phone number and a registered SIM card from reputable telecom providers like Telkom and Safaricom Airtel.
  • hold an active mobile money account with one of the aforementioned operators. T-Kash, M-Pesa, or Airtel Money are some examples of mobile money accounts.
  • Make sure that the SIM card has been in use for over 90 days, or three months.
  • Apply for a loan between Kes 500 and Kes 50,000, depending on your credit score.

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How to Register for the Hustler Fund loan via USSD

Applying for the hustler fund loan is possible via the Mobi applications and USSD. The T-Kash app, Airtel Money app, and M-Pesa app are some of these Mobi apps.

The hustler fund loan registration may be accessed on all networks, including Safaricom, Telkom, and Airtel, using the same USSD code, *254#. After responding to a message asking you to read and agree the terms and conditions, you will be asked to enter your mobile money PIN, or if you use a Safaricom line, your MPESA Pin.

When everything is finished, a message will be sent to the phone number you registered for the funds. After you register, you will receive an SMS letting you know that your application for cash was approved and your loan limit is now accessible. It could take anywhere from 30 minutes to two hours.

How to Register for the Hustlers Fund loan on the M-Pesa App

To begin, launch the MPESA app, select the Services icon from the bottom navigation tab, then hit the Finance button located in the upper right corner of the screen. One of the first mini-programs to appear will be the Hustler Fund app icon. 

To register, tap on it, then watch to see if it was successful. After being approved, you’ll have a view of your current loan limit that is prepared for application. The funds offer an annual interest rate of 8%. The loan may be repaid in full or in installments.

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How to Apply for the Hustlers Fund Loan

To access the loan, use the hustler fund USSD code.

  • To start your application on any telco, Safaricom, Airtel, or Telkom, dial *254# after seeing the notification indicating successful registration.
  • To check your loan limit, interest rate, and loan tenure, select the loan request option.
  • Make sure the amount you want to borrow doesn’t go above your loan limit when you enter it.
  • Verify that all of the information entered is correct.
  • In order to finish the application, enter your M-Pesa pin.
  • You will receive an SMS after the application is approved, verifying the status of your loan application.
  • The hustling fund loan will transfer the money to your mobile money account if it is successful. especially while registering and submitting an application.
  • You will then be required to reimburse the money, either in full or in installments, using the mobile money account that was used to make the initial request.

NOTE: Following the funds’ approval, they will have the following breakdown. You receive a 95% loan amount in your mobile money account. The savings account receives 5% of the loan amount.

Thirty percent of the 5% that goes into the savings account goes into your short-term savings account, and seventy percent (or seventy percent of the five percent) goes into your long-term pension plan.

How to Check Your Loan Balance?

  • To access your Hustler fund account, enter your mobile money application or dial *254# using the same mobile money number.
  • When the Loans option comes on your menu, select it.
  • Select the option to check the status of your loan.
  • Put your M-Pesa pin there.
  • Finally, a message advising you to borrow between KES 500 and KES 50,000 will be sent to you, based on the bank’s development of your credit score.

Loan, Chamas and Cooperatives

Groups will now be able to get loans through the chosen Cooperative SACCOS and banks as the hustler fund rolls out to Chamas. Furthermore, Chama’s credit and internet scores, as well as loan limits, are determined by their savings performance. 

Every group needs to formally register as an organization. The primary goal of the loans is to give the groups access to low-interest loans so they may grow their enterprises, including those in the SME sector.

Consequently, in order to help them effectively manage and repay the loans, chamas need a chama management system like Chamasoft.

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Loan Limits can be Increased

The Hustler Fund loan initiative would see a boost in credit limits for dedicated Kenyans, according to a revelation made by President William Ruto. The amount that Kenyans can borrow will determine how much can be borrowed.

He declared, “We are raising the Hustler Fund loan limit, and this will affect 1.2 million regular borrowers today.”

If someone has borrowed ten times, their Hustler Fund loan limit will be increased by 100%, and if they have borrowed five to ten times, their limit will be increased by 60%. Kenyans who have borrowed between two and five times in the past will see a forty percent rise in their limit.

Additionally, 30% of Kenyans’ savings would be available for withdrawal, with the remaining 70% going towards long-term savings plans. In the event that people decide not to take their savings out, their credit limits will double in a month.

The President also mentioned that Sh2 billion had been saved by Hustlers He also disclosed that 1.2 million regular customers’ savings would be matched by the Hustler Fund.

The government will match your loan amount if you have savings. To show your dedication to the Hustler Fund, you have to have borrowed money at least five times,” he stated. A 2:1 match will be given to those who have saved less, and Sh3,000 will be given to those who have saved at least Sh6,000.

Online notification of their enhanced Hustler Fund loan limit will be sent to hustlers. Speaking at the Hustlers Fund’s inaugural anniversary celebration was the President. He said that 19 million Kenyans had received loans from the government totaling over Sh40 billion, of which 7.7 million are active members.


Can I take my money out of Hustlers Fund?

From the Hustler Fund option on your device and the relevant transaction, you can access and withdraw money. Nevertheless, once the money is in the T-Kash ecosystem, fees will be applied to each transaction.

How can I apply to the Hustler Fund loan?

You can register for and use the Hustler Fund on any mobile network by calling *254# or by using the mobile app.

How long before I receive notice of my registration and loan limit?

The return message can come in the mail in the next 30 to 2 hours.

When obtaining the funds, are there any processing fees associated with it?

The hustling fund does not have any processing costs.

Who is eligible to apply for a Hustler Fund loan?

Eligibility criteria vary but generally include individuals or businesses with a viable business plan, a track record of financial responsibility, and a clear repayment strategy.

What types of loans does the Hustler Fund loan app offer?

They offer a range of loans tailored to different business needs, including startup loans, expansion loans, working capital loans, and equipment financing.

What are the interest rates for Hustler Fund loans?

Interest rates vary depending on factors such as creditworthiness, loan term, and prevailing market conditions. The Hustler Fund aims to offer competitive rates to support borrowers’ financial goals.

How much can I borrow from the Hustler Fund?

Loan limits vary based on individual circumstances and the specific loan program. The Hustler Fund assesses each application individually to determine an appropriate loan amount.

What collateral is required for a Hustler Fund loan?

Collateral requirements may vary depending on the loan amount and risk assessment. The Hustler Fund may accept a range of assets as collateral, including real estate, equipment, or inventory.


In conclusion, with an interest rate of 8% annually and a 14-day repayment period, the Kenyan government launched the Hustler Fund loan app, a loan initiative programme, to support individuals, groups (chamas), small companies, or cooperatives.

The programme, which was approved by the cabinet in November 2022 and began on November 30th of the same year, will receive Ksh 50 billion annually from the government.

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Oluwatobi Olowe
Oluwatobi Olowe

Tobi Olowe has over 3 years of experience as a content writer specializing in Tech discoveries, site optimization, building content that rank well and boosting overall site performance.

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