Why Hustler Fund Requires Your Mobile Money PIN To Register

Cooperative Cabinet Secretary, Simon Chelugui, on Thursday, December 1 confirmed that the government had already disbursed the funds to the applicants.

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Dec 1, 2022 - 08:33 Updated: Dec 1, 2022 - 08:34
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Why Hustler Fund Requires Your Mobile Money PIN To Register
President William Ruto speaking during the launch of the Hustler Fund on November 30, 2022. /WILLIAM RUTO

Barely 24 hours after the Hustler Fund loan kitty was launched on Wednesday, November 30 by President William Ruto, over 1.14 million Kenyans have already borrowed over Ksh408 million.

Cooperative Cabinet Secretary, Simon Chelugui, on Thursday, December 1 confirmed that the government had already disbursed the funds to the applicants.

"For the first time in the history of our country, we have a Ministry dedicated to two sectors which have over the years enjoyed a symbiotic relationship in that not only have co-operatives supported SMEs through financing & capacity building, but they are in themselves small businesses.

"The Hustler Fund can help empower those at the bottom of the pyramid in many ways. For example, we can aggregate tomato farmers along Molo River into Co-operatives, enable them to access funding and connect them to Twiga Food to sell their produce," read the statement in part.

Simon Chelugui taking his oath of office on October 27, 2022, as Cooperatives CS. /TWITTER

The Hustler fund was launched as a digital financial inclusion initiative to improve financial access to credit for personal loans, and micro, small, and medium-sized enterprises (MSMEs) loans.

Currently, Kenyans can access minimum credits of Ksh500 and a maximum of Ksh50,000 which is determined by the borrower's credit score.

Kenyans can register for the Hustler Fund across all platforms by dialling *254#. However, Viral Tea noticed that one was required to provide the mobile money Personal Identification Number (PIN) while registering through a local telco network.

In its list of FAQs (frequently asked questions), the PIN is a requirement for registering for the loans. This is despite netizens raising doubts about the application requiring their PIN numbers to register yet it was not the case on other platforms.

They argued that the Hustler Fund platform is different from that of mobile money. Others believed that it was a breach of data privacy claiming that the two should have different pins since their separate applications. 

One Kenyan had requested fintech experts to explain why the Hustler Fund required a PIN number to register while other digital lending apps do not.

In the FAQs, one's money is kept safe in the event he or she loses their mobile phone and has a Hustler Fund account because the account is protected by the holder's 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," the FAQs state in part, adding that one does not need to opt in to the Fund after a SIM swap, having registered for it on a previous line.

How To Apply

Kenyans can access the Hustler Fund through a USSD code (*254#) and mobile app platforms offered by all the country's mobile network providers.

  1. Applicants will be required to dial the USSD code *254#
  2. Select the loan request option to view the limit, interest, and loan tenure. 
  3. Enter the loan amount and press OK to continue 
  4. Confirm loan details 
  5. Enter Mobile Money pin 
  6. Receive SMS notifications on Loan allocation
  1. Enter mobile app from any mobile network operator
  2. Select the loan request option to view the limit, interest, and loan tenure. 
  3. Enter the loan amount and press OK to continue 
  4. Confirm loan details 
  5. Enter Mobile Money pin 
  6. Receive SMS notifications on Loan allocation

President William Ruto interacting with a potato trader at Green Park Terminus, Nairobi on November 30, 2022. /WILLIAM RUTO

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