Play Store apps with similar names to Ruto’s Hustler Fund
Within just 12 hours after its launch, a total of Sh408 million had been disbursed through the Hustler Fund with 1.14 million Kenyans fully registered with the kitty. This is according to Cooperatives and MSMEs Cabinet Secretary Simon Chelugui.
During the fund’s launch, President William Ruto explained that his intention of coming up with the Hustler Fund was to save Kenyans from shylocks and predatory money-lending apps that take advantage of borrowers with exorbitant and hidden charges.
The fund is available for access to Kenyans via a mobile USSD code where borrowers are required to first register before requesting for a loan. The loan advanced is required to be repaid within 14 days at an interest rate of 8 per cent.
Despite there being no word on a mobile phone application being launched for the fund, there are already several other mobile phone apps in the Google Play Store that have been operating using the same name as President Ruto’s flagship fund.
Here are some of them:
1. Hustler Fund by Mary Kairu: Released on October 3, 2022, updated on November 30, 2022. The developer states that the fund provides swift and reliable shortterm credit to borrowers at an interest rate of between 10 per cent and 36 per cent (Annual Percentage Rate). The App charges a service fee of between 6 per cent and 8 per cent and gives loan amounts of between Sh1,000 and Sh120,000 to borrowers for between 91 and 365 days.
2. Hustler Funds – Vision 2030: Released on November 13, 2022, updated on November 22, 2022. This is an app that provides credit to younger generations with a repayment period of between 90 and 365 days. The fund gives loan amounts of between Sh250 and Sh 50,000 at an interest rate of 8 per cent and a maximum Annual Percentage Rate of 25 per cent.
The App gives borrowers the option of asking for top ups and asking for repayment deadline extensions but the loan limit increases or decreases depending on timely payments. The App also gives loan amounts of between Sh1,500 and Sh100,000 at an interest rate of 12.5 per cent per annum with a processing fee of 5 per cent of the borrowed amount – with a minimum amount of Sh100 and a maximum of Sh600.
3. Hustler Loans by One Touch Solutions: Released on July 23, 2021. Borrowers are given loan amounts of between Sh250 and Sh70,000 at an interest rate of between 1.6 per cent and 20 per cent per month. The developers state that borrowers have the option of chasing repayment terms for up to 366 days and that borrowers have the option of repaying any loan offered to them in a minimum of 90 days.