Ruto Unveils Hustler Fund Phase 2, How to to Borrow Up to KSh 1m

President William Ruto of Kenya has launched the second phase of the Hustler Fund, a digital financial inclusion initiative designed to improve financial access to responsible finance for personal, micro, small, and medium-sized enterprises (MSMEs) in Kenya.

The second phase of the Hustler Fund will target small investment groups (Chamas) and Savings and Credit Co-Operative Societies (Saccos). Loans will be available in the range of Sh50,000 (minimum) to Sh1 million and will be based on the average credit score of each of the group members.

How to Apply for Hustler Fund Phase 2

In order to access the Hustler Fund Chama loan, Kenyans must form 10-member groups using their mobile phones. The investment groups will be assessed to establish if any of the members had defaulted in the initial Hustler Fund. If any of the members have defaulted, they will be advised to clear their dues before they can access loans for their business.

The Hustler Fund was established in December 2022 with a KES 50 billion initial allocation. Since its inception, the Hustler Fund has recorded 42.5 million transactions through which 20.2 million Kenyans have accessed nearly Sh30 billion and repaid close to Sh 20 billion. Currently, there are 7 million Kenyans who are constant customers of the Hustler Fund.

Also Read: Here’s How to Apply for The Hustler Fund

Speaking at the launch of the second phase of the Hustler Fund, President Ruto said that the initiative is aimed at mainstreaming the entrepreneurial spirit of Kenyans and ensuring that everyone has access to financial resources to start or grow their businesses.

“We shall use policy and fintech to mainstream our way of life, and ensure that we all Kenyans are included in the entrepreneurial revolution,” he said.

Small and Micro Enterprise (SME) Cabinet Secretary Simon Chelugui said that the Hustler Fund Chama loan is a new product that will enable Kenyans to access loans without having to travel for registration.

“This product will enable a subscriber to onboard 10 members using their mobile phones. They don’t have to travel for registration. Once 10 members have been listed, a survey will be carried out to establish if any of the members defaulted. They will be advised and once they clear their dues, they will access loans for their business,” he said.

The Hustler Fund is a major initiative that is aimed at supporting the growth of the Kenyan economy. The initiative has already had a significant impact on the lives of millions of Kenyans, and the second phase of the Hustler Fund is expected to have an even greater impact.


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