July 18, 2024

How Safaricom and KCB Have Immensely Benefited Most From the Hustler Fund

Safaricom

The hustler fund enhances financial accessibility for individuals and MSMEs in Kenya through the provision of innovative and affordable financial services aimed at the base of the economic pyramid.

These services encompass credit, savings, insurance, pension, and investment products, playing a vital role in delivering responsible finance tailored to those who are unserved and underserved.

Moreover, the Hustler Fund, with Sh12 billion for lending, is primarily overseen by Safaricom and KCB, constituting 90% of the funds. KCB received Sh10.46 billion, Family Bank managed Sh1.54 billion, distributing to telecom firms for lending.

KCB handled 87.2% of the funds, with Safaricom leading in lending Sh9 billion out of Sh9.6 billion released by KCB to telcos. Kenyans access eight percent loans through telcos, acting as intermediaries between banks and borrowers, fostering economic growth.

Furthermore, KCB and Family Bank transmitted funds to telecom firms, including Safaricom, Airtel, and Telkom. Loans from the Hustler Fund, with an eight percent interest rate via telcos, contribute to higher bank revenues. The audit emphasizes Family Bank’s impact, transferring Sh1.54 billion to Safaricom and Sh1 billion to KCB.

READ ALSO: Equity Bank Kenya’s Global Recognition in Climate Financing: A Deep Dive into CAFI 2023 Awards

Additionally, Kenyans can apply for Hustler Fund loans using the hustler fund ussd code *254# on any network, including Safaricom, Telkom, or Airtel. To initiate the hustler fund application, individuals must enter their ID number, select a pin, and upon accepting the hustler fund terms and conditions, they will be enrolled.

Efficiently, KCB disburses Sh10.46 billion from the Sh12 billion Hustler Fund using Paybill, customer support, and mobile/internet banking. For assistance, reach out to kcb customer care; for transactions, use the kcb paybill number, and access banking services through the kcb mobile banking app.

They direct 87.2 percent, Sh9.6 billion, to telcos, mainly Safaricom at 93.8 percent. Through telcos, Kenyans access eight percent interest Hustler Fund loans, enabling KCB to boost lending and revenue.

Moreover, the 50 billion Kenya Shillings (US$419 million) Hustler Fund offers loans to ‘hustlers,’ intending to improve financial access, alleviate poverty, and promote financial inclusion for micro, small, and medium-sized enterprises (MSMEs) in Kenya.

Crucially, Safaricom and KCB, committed to the fund, contribute to job creation, business growth, and overall economic recovery and development in the country.

Conclusively, Safaricom and KCB benefit from the impactful Hustler Fund in Kenya, promising financial inclusion and economic growth. Its optimistic outlook indicates a continued pivotal role in transforming the Kenyan economy, urging businesses to explore opportunities for expansion and financial security.