The answer is No. You can only register one number into the Hustler Fund; that is, the customer can only opt-in once with a unique identifier as National ID
If you need to register another number, you will need to opt out of the current line
What happens if you lose your mobile phone and have a Hustler Fund
account?
Your money is safe because your Hustler Fund account is protected by your Mobile Money PIN.
Once you replace your SIM card at your Mobile Network Operator outlet, you will be able to access your Hustler Fund account using your current Mobile Money PIN.
After a SIM swap, will your line pick the Hustler Fund account you had on a
previous line, or do you have to opt-in again?
You do not need to opt-in again
How do I apply for a loan?
Once registered and loan limits assigned, the customer is required to follow the application steps to access the loan:
Dial USSD code USSD Code *254# or mobile application.
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.
What does loan processing entail?
Once the customer has successfully applied and has received an SMS notification regarding loan information, back-office loan processing takes place in the following steps:
Loan Appraisal – The application will be subjected to the predetermined formula based on existing qualification parameters
Loan Approval- Approval shall be granted based on meeting eligibility criteria, credit worthiness.
How will my loan be disbursed?
Upon approval, the loan will be disbursed to the borrower’s mobile wallet.
Out of the total approved loan, 95% shall be disbursed to the mobile wallet of the borrower, 5% channeled to the savings Scheme.
How long is the loan repayment period?
The loan repayment period shall be 14 days with an interest of 8% per annum.
Let us put an example – if a customer borrows Kshs 1,000, he will receive Kshs. 950.
In 14 days, the customer will be expected to pay back –
The borrower may re-pay the loan as a lump sum or in part provided that the full repayment is done within 14 days.
What happens if I don’t pay on time?
If the loan is not repaid within the stipulated 14 days, the customer’s credit rating is negatively affected. However, if the loan is paid in full, the loan contract is closed, and the customer can request another loan. All transaction notifications to the customer will be by SMS.
Can I get more than one Loan?
No. You can only get one loan at a time and qualify for another loan if you Pay your loan in full
Qualified borrowers are eligible for only one loan at a time hence multiple loan borrowing on varied networks is therefore prohibited.
How can I increase my loan limit?
Continue using Hustler Fund and pay your loan on time
Also, assessment of credit history on subsequent loan applications and repayment shall apply to determine subsequent qualifications for the facility.
What is the Loan Recovery & Collection Management process?
This will involve monitoring and evaluation of the facility disbursed and repaid to identify the level of portfolio risks, the following initiatives will be adopted for loan recovery and management.
The borrower will be notified of the due date and outstanding amount 5 days prior via SMS.
On the thirtieth day of the facility, the customer is notified that the facility is due.
One day after the thirtieth day, the borrower is notified that the facility is now overdue.
After the due date, the borrower shall not be eligible to apply for any other facility with the Fund until the outstanding loan is fully paid.
Overdue reminders shall be sent every 5 days up to a maximum of 30 days.