President William Ruto tomorrow is officially expected to launch the Hustler Fund, one of the main planks of his campaign.
In order for Hustler Fund borrowers to borrow the funds, they are to use *254# to access Hustler fund, across all leading network telcos in the country.
Hustlers funds will offers credit, savings, pensions and investments products which will be delivered electronically.
Kenyans using Safaricom, Airtel and Telekom services will be required to dial the short code to access the loans after its launch by President William Ruto.
Earlier, the Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui had announced that there will be no registration required for one to access the funds.
Chelugui says borrowers will use an SMS short code that will take them to a certain menu, leading all the way to the application of the loan.
"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. The money will be accessed via phone numbers and respective networks," he said.
The CS also announced an establishment of a call center that will respond to issues and questions of borrowers. He added that the centre will be active once the fund is launched.
Through the Hustler Fund, every time one borrows an amount, Chelugui says 5% of the amount will go to a saving scheme, where the money adds interest.
“That dynamic savings platform offers a return of 50 per cent on individual savings by way of government counterpart funding. This means that for every Sh2 saved, the government will contribute Sh1,” the Cabinet said in the memo.