Kenyans will from Wednesday be able to access Hustler Funds through their mobile phones.
Currently, the fund has a minimum limit of Sh500 and a maximum of Sh50,000.
However, President William Ruto during the launch said borrowers stand a chance of increasing their loan limits if they repay their loans before the stipulated repayment day elapses.
“Wakati unakopa na kulipa ndio unapata nafasi nyigine ya kukopa tena, unagraduate uende micro loan itoke Sh50,000 uende level nyigine,” he said.
This is loosely translated to: “When you borrow and repay your loan, you get another chance of reborrowing, and graduate to another level of the Huster Fund.”
During a press brief, Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui said the loan limit will increase depending on the behaviour of the borrower.
“Limit shall be reviewed and readjusted depending on the borrowing and repayment history of previous loans taken,” he said.
The credit history of a borrower will also determine the amount one will receive.
“Hustlers are encouraged to continue using the Fund and pay their loans on time, to increase their limits.”
Borrowers will use *254# to access the Hustler fund following an announcement by leading network telcos.
Kenyans who have subscribed to Safaricom, Airtel and Telekom will be required to dial the short code to access the loans after its launch by President William Ruto.
Chelugui had said there will be no registration required for the Huster Fund.
“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.
Ruto said the Sh50 billion annual kitty will be channelled towards supporting micro, small and medium, enterprises (MSMEs).