How to apply for the Sh. 50 billion hustler fund

How to apply for hustler fund
In the Manifesto released by President Ruto before the elections, he proposed a Sh. 50 Billion Hustler fund. 

At his swearing-in ceremony, he assured that the Hustler Fund he announced during his campaign will be operational by December 2022.

The government is committed to providing loans to small & medium firms at single-digit interest rates without collateral. Special attention will be given to small businesses and ventures run by women.

The Hustlers Fund loan will be used by the beneficiaries to upgrade their businesses. Applicants must not think that the government will give them money for free.

Just like any other loan, applicants need to ensure they fulfill their eligibility. Once they get the funds, they need to repay the loan with the specified Hustler Fund loan interest rate.

Co-op Bank is supporting the rollout of the Sh. 50 billion hustler fund, which will offer small businesses loans on flexible terms.

READ: Kazi ya Mazingira: President Ruto offers new jobs to youth replacing Kazi Mtaani

What to know about hustlers fund

  • The Hustler fund was launched on 1st December 2022
  • All existing Kenyans, blacklisted by mobile money lenders were removed from the eligibility list before December 1
  • Don’t consider the Hustler Fund program as a freebie from the government. Just like any other loan program, you need to give back the money with a small interest. The only benefit is that the loans will be given without any collateral.
  • Applicants must meet the requirements before they could benefit from this scheme
  • Interested persons must join either a SACCO or any other savings cooperative groups

Hustler’s fund eligibility criteria

  • Applicant should be a permanent Kenyan Resident
  • Must be a Kenyan citizen of 18 years of age and above
  • Good Conduct Certificate
  • Applicant must belong to the Low-income bracket group
  • Applicants must be a part of any of the credit societies and investment groups.
  • Must have a valid national Identification Card (ID)
  • Must have a registered mobile number from a recognized Mobile Network Operator in Kenya, i.e., either Airtel, Safaricom or Telkom, i.e., either Airtel, Safaricom or Telkom
  • Have a mobile money account, i.e., either Airtel Money/M-PESA/T-Kash
  • The SIM card in question can/ will only be eligible if it has been used for more than 90 days.
  • Reside and conduct economic activities in Kenya.
  • Provide the Location of residence during the onboarding process (where applicable)

Application process for Hustlers fund – Online

A special Hustlers Fund portal was launched to foster the application process for eligible Kenyans. Click here to access the portal

Cabinet Secretary for Cooperative and Micro, small and medium enterprises development, Simon Chelugui during his vetting process at the National Assembly said that accessing the Hustlers’ Fund would be a four-thronged process.

The first phase would be the identification of Kenyans with small enterprises through physical and digital platforms.

“We will use digital mechanisms as have the highest digital penetration in this country or physical. We will work with other ministries to register the potential beneficiaries of this fund,” said Chelugui.

The second phase will be to group the hustlers in SACCOs, financial groups and societies to enhance mainstreaming of the fund with efficiency.

The third phase will involve rigorous training of the entrepreneurs to build their capacities before they can access the fund.

The final phase will involve the distribution of the funds to the potential which will provide start-up and growth capital for small businesses.

“After this stage, we will go to the final phase of enabling the delivery of this hustler intervention. We will need to build a monetary and evaluation to see that those who can’t access are supported,” Chelgui stated.

Steps involved to get hustler’s fund

1. Form a youth group or women’s group.

2. Create a business proposal.

3. Produce a good conduct certificate.

4. Share your residential or home address.

5. Collect the signatures of four guarantors. 2 of the guarantors must be your relatives.

6. Sign a non-disclosure agreement to serve a jail term for defrauding the government in case you fail to pay the loan within a period of 6 months.

7. Open a bank account with any of the following banks, KCB or National Bank.

8. Present or produce your valid KRA PIN.

Here’s how to apply for Hustler Fund money using an SMS or a mobile app:

SMS and App:

  • Dial *254# on any mobile operator in Kenya.
  • 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.


Upon approval of your loan request, 95% of the money will be disbursed to the mobile money account, while the remaining 5% will be sent to your savings account for the Hustlers pension program.

The savings scheme will split savings into 70% long-term and 30% short-term savings, such that 70% of the 5% will go into long-term (Pension) and 30% of the 5% will go into short-term.

For instance, if a customer borrows Sh. 1,000:

  • Sh. 50 (5% of Sh. 1,000) will go into their savings account as below.
  • Sh. 35 (70% of Sh. 50) – Will go to the Pension account.
  • Sh. 15 (30% of Sh. 50) – Will go to the short-term savings account.


The loan repayment will be made from your Mobile Money account.

You can repay the loan manually through the USSD code *254# or mobile app or wait for the automatic deduction.

FAQs on Hustler Fund 2022

Why is the government channeling the Hustler fund via credit societies or investment groups?

The Sh.50 billion funds will be channeled through credit societies and investment groups. The reason behind this is that these will act as guarantors for the loan

Will loan defaulters (blacklisted people from mobile operators) be able to take advantage of this program?

President William Ruto announced that he removed all existing blacklisted and loan defaulters from the list of operators. After that, they will be eligible to apply for the Hustler Fund.

What will be the interest rate?

The final number on the interest rate will be 8% per annum and on a pro-rata basis (proportional)

During the campaigns, the president and his camp had alluded that the fund would have zero interest, however, he recently backtracked on the matter.

“Under the Hustler Fund program, we will lower the interest to below 10 percent per year so you can save and when/if your business fails, after a few years you can get that money and boost your business,” the head of state promised earlier in October.

Hustler Fund Loan Limit

Loan limits will be determined by the credit score of a borrower. They will range from between Sh. 500 and Sh. 50,000

What is the launch date of the program?

The program was officially launched on 1st December 2022.

Who will benefit from this program?

The people belonging to a low-income group (also called Hustlers by President William Ruto) can take advantage of this program.

About the Author
Joshua Kalata

Joshua Kalata

Student Actuary and Blogger

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