Telecommunication Companies have outlined the process of applying for the financial inclusion fund commonly known as the Hustler Fund.
Using registered lines of Safaricom, Airtel and Telkom, subscribers interested in the loan will need to dial short code *254#.
Borrowers will then be prompted to input loan details from the popping options, after which they will be notified via SMS on the status of the application and other loan information.
Chief Executive Officers of the three telcos were present during the launch of the fund today and said the process is easy and instant, as in the case of other mobile loans.
Speaking during the launch, president Willaim Ruto praised the initiative, saying that the fund is the cheapest ever seen in the Kenyan Market.
“We have reduced the interest from 1 percent to 0.002 percent. Hustler Fund is 500 times cheaper than the average lender in the market,” said the President.
Cooperatives and Micro and Small Enterprise Cabinet Secretary Simon Chelugui, who was also present at the event, warned Kenyans against falling prey to fraudsters targeting innocent Kenyans through unscrupulous application processes.
“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.
Email your news TIPS to editor@thesharpdaily.com
