Leading network telecommunication companies have announced that the Hustler Fund borrowers will use a short code to access the fund.
Kenyans who have subscribed to Safaricom, Airtel and Telekom will be required to dial *254# to access the loans after its launch by President William Ruto.
Cabinet Secretary for Co-operatives and SMEs Development Simon Chelugui had said there will be no registration required for the Huster Fund.
Further, Chelugui says borrowers will use an SMS short code that will take them to a certain menu, leading all the way to the loan application.
"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
He added that hustlers will only need their phones, as there will be no intermediaries for the process.
"The money will be accessed via phone numbers and respective networks," he said.
In addition, the CS announced an establishment of a call centre that will respond to issues and questions of borrowers to 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.
"For every Kes 2 saved, the government will add one shilling," he added.
The Hustler Fund loan is between Kes 500 and Kes 50,000, depending on credit scoring determined by various parameters.
In addition, the repayment period for the loan is 14 days with an interest of 8 per cent a year calculated per day.
If a customer borrows Kes 500 at 8 per cent interest a year, in 14 days, the interest will be Kes 1.53.
The customer will repay Kes 501.53
