Do not apply for hustler fund in Kenya

Why You Should Not Apply for the Kenyan Hustler Fund if You Are a Forex Trader

Last updated on January 28th, 2023 at 02:29 pm

Hustler fund is a short-term loan for small businesses in Kenya with a turnover below KES 100,000,000. The micro loan was launched on the 30th of November 2022 by his excellency President William Samoei Ruto. However, Kenyans began accessing the loan for the first time from the 1st of December 2022.

Should a Forex Trader Apply for the Kenyan Hustler Fund/loan?

No! Here at OpWell Forex, we believe Kenyan forex traders should not apply for the loan for several reasons. Keep reading to find out why we believe the loan is a trap to get you into more financial trouble:

  1. Individual credit borrowers can only get between KES 500 to KES 50,000.

The hustler fund maximum loan limit which is KES 50,000 is worth $408 only at the time of writing this article. The amount is very little to be invested in the forex business.

kes to usd on 30th November
A screen grab showing the value of KES against USD on 30th November 2022. [Photo: Source/OpWell Forex]

Trading the forex market with a capital of less than $1,000 subjects forex traders to poor decision making which eventually leads to stress. That is true because traders who are undercapitalized tend to raise lot size or trade volume to make the maximum profits. In the event, they end up blowing their account balances.

That said, the hustler fund is not enough to act as forex trading capital.

  1. Borrowers do not get the full amount

Even though the Kenyan government claims there is no processing fee charged for accessing the hustler fund, Kenyans are yet to understand the motive behind deducting a whopping 5% of the principal amount and channeling it to a government institution’s account.

The current chairman of the Kenya National Assembly Public Accounts Committee(PAC), Hon John Mbadi fumed with rage about how things are unfolding concerning the hustler fund.

I have never seen a bank that deducts 5% of the money you have borrowed to save for you. We don’t borrow money to save, we borrow money to invest and do business

John Mbadi
  1. The 8% interest rate hustler fund borrowers are required to pay is too much.

Most forex traders in Kenya live from hand to mouth because they lack adequate trading capital to help them make a surplus profit.

Any trader expecting to take the loan (which is too little to invest in the forex market) and repay the principal amount plus the 8% interest is set to default on repayment and eventually meet the harsh penalties.

  1. The 14 days repayment period is a joke

Making daily consistent profits in forex trading is not guaranteed. That is why established forex traders who consider trading a serious business calculate their profits on a monthly, quarterly, and yearly basis.

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Additionally, it is possible to incur losses in the forex market from the first few days of borrowing the hustler fund.

  1. Borrowers may pay more than the principal amount plus interest

According to the hustler fund terms and conditions, if a loan borrower defaults repayment plan, they are given a grace period of 15 days only after which the interest rate is adjusted from 8% to 9.5%.

  1. Brace yourself for the mean-looking government loan recovery agents

Are There Benefits of the Hustler Fund?

Even though the government microloan has a lot of disadvantages, especially to forex traders and investors, it has a few advantages that we MUST not fail to mention:

1. Borrowers do not need collateral to access the loan

For years, most Kenyans, especially those who are unemployed have not been able to access loans from banks and other financial institutions because they do not have valuable properties or assets that they can provide as collateral.

The hustler fund has brought a sigh of relief to these individuals because they neither need collateral nor a guarantor to access the loan.

2. Hustler fund is a fast way to get a micro loan in Kenya

Unlike commercial banks in the country, loan borrowers do not need to visit any financial facility to fill out forms when they want to borrow the loan.

Can I Register or Apply for Hustler Fund With 2 or More Sim Cards?

You can register only once for hustler fund

No, you can’t! Loan borrowers are allowed to register a maximum of only one phone number per National ID.

Hustler Funds Application Requirements

  1. A borrower must have a business with a turnover not exceeding KES 100,000,000.
  2. The loan applicant must be aged 18 years and above.
  3. He/she must be a Kenyan citizen, running a business within the Kenyan borders.
  4. The borrower MUST have a mobile number registered with Safaricom, Telkom, or Airtel mobile network operators.
  5. The sim card of the loan borrower must have been in use for the past 90 days and MUST be connected to Mpesa, Airtel Money, or T-Kash mobile money depending on which network operator the borrower is using.

How to Apply for Hustler Fund in 4 Simple Steps

hustler fund loan limit

Here is the step-by-step guide on how to apply for the Kenyan government hustler fund and get approval fast.

Before starting the application process, ensure you meet the loan requirements listed above.

Step 1. Register for the loan program

hustler fund registration page in Kenya

To register, you need to dial *254 # from your Safaricom, Telkom, or Airtel line.

Enter option 1 to begin the registration process.

On the next pop-up screen, enter option 1 once again to accept the program’s terms and conditions.

A dialogue screen will ask you to type in your mobile money pin. Enter the pin then click “ok”.

Immediately after your application is submitted, a popup will appear on your device screen confirming your registration and assuring you that you will be notified about the amount you qualify for within 2 hours. (Note that I received my message within one minute).

Step 2. Select the”request loan” option

Request hustler fund loan

Insert option 1 and click SEND.

The next screen will show you your maximum loan limit, the loan repayment period, and the interest you are required to pay on top of the principal amount.

Step 3. Type in the amount you would like to borrow

hustler fund loan limit confirmation

After entering the amount, press “ok” to proceed.

A pop-up will appear on your device screen asking you to confirm if the loan details are correct.

Click “Confirm” to go to the next step.

Step 4. Enter your Mpesa/Airtel Money/ T-Kash pin

You need to key in your mobile money pin depending on which payment provider you are using.

Upon confirming the pin, you will receive an SMS instantly notifying you of whether the allocated amount has been credited to your mobile money wallet.


Apply for the hustler fund if you need it for emergencies such as medical bills. But do not borrow the money to use as a forex trading business loan. Otherwise, you may find yourself in a financial mess that is hard to fix.

Also, you need to ensure that you have a source of income where you will get the money to make repayment on time.


  • Editorial Staff

    Editorial Staff at OpWell Forex is a team of Forex experts led by Brian Bill Opiyo. We have been creating forex trading tutorials and other forex related articles since Feb 2021, and OpWell Forex has become the largest free Forex Trading resource site in the industry.

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