Discover and read the best of Twitter Threads about #HustlerFund
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THREAD 🧵#HUSTLERFUND😂
As a venerated Luo, requesting for the Hustler Fund isn't something that falls right into the realms of my pride, community, tenets and cultural status. But, well, what happens when a man's gotta do what a man's gotta do? I found out the interesting way..
As a venerated Luo, requesting for the Hustler Fund isn't something that falls right into the realms of my pride, community, tenets and cultural status. But, well, what happens when a man's gotta do what a man's gotta do? I found out the interesting way..
While driving down Thika Road, my sleek Toyota Auris malfunctioned. Saddled with a flat tyre, I was, needless to say, forced to stop, get out and attend to the embarrassing occurrence, whilst other motorists zoomed past me, some hooting incessantly - and, others, vexingly.
Amid the highway chaos, and lawless Githurai 45 buses roaring down the tarmac, I managed to fish out my tools from the car's trunk, yanked off my Balmain embroidered blazer and got down to business. But wait...I hadn't checked to see the state of my MPESA. Or cash for that matter
@ngkinuthia we’ve been wondering so too as reporting has been a little ambiguous. What we know - as reported by Nation this morning, Cabinet confirmed a daily interest of “0.002%“, which would indicate 8% p.a. is correct.
Note: Decimal error, 8% / 365 is actually 0.02% per day.
Note: Decimal error, 8% / 365 is actually 0.02% per day.
If the #HustlerFund loan was 8% per 14 day loan and not per annum, it would be more expensive than:
Timiza (~7% for 30 days)
KCB Mpesa (~8.6% for 30 days)
Mshwari (~9% for 30 days)
. . .
#HustleFund
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Timiza (~7% for 30 days)
KCB Mpesa (~8.6% for 30 days)
Mshwari (~9% for 30 days)
. . .
#HustleFund
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…and not far off from the maximum interest rate for Branch and Tala, who charge a maximum monthly interest rate of 17.6% and 19% for 30 days respectively.
money254.co.ke/loans/personal…
#HustleFund
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money254.co.ke/loans/personal…
#HustleFund
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It's time for the Hustler fund! Some early Christmas gifts have also arrived, for some hustlers who made a killing at the launch today. Here's what went down on some of the biggest reaps...
Thread
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#Money254
#HustlerFund
Thread
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#Money254
#HustlerFund
A Bodaboda guy gets Ksh200k; 100k each from MP Kimani Ichungwa and CS Kipchumba Murkomen to get himself a brand new boda.
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#Money254
#HustlerFund
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#Money254
#HustlerFund
A smokie guy also got Ksh100k from Safaricom CEO to amp up his smokie business.
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#Money254
#HustlerFund
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#Money254
#HustlerFund
HUSTLER FUND FOOD FOR THOUGHT:
If all 50bn went to the 14-day loan at 8% p.a, the Fund would need to achieve a 99.7% repayment rate on each 14-day cycle to stay afloat.
If it only achieves 75% repayment rate, 90% of its money would be lost within 4 months.
Let’s dive in 🧵
1/
If all 50bn went to the 14-day loan at 8% p.a, the Fund would need to achieve a 99.7% repayment rate on each 14-day cycle to stay afloat.
If it only achieves 75% repayment rate, 90% of its money would be lost within 4 months.
Let’s dive in 🧵
1/
We’ve heard that the Hustler Fund plans a direct to consumer product that will be offered at 8% per annum at 14 days.
That means a 0.31% effective interest rate on each 14 day loan - the 14 day’s share of the 8% yearly interest rate.
#Money254
#HustlerFund
2/
That means a 0.31% effective interest rate on each 14 day loan - the 14 day’s share of the 8% yearly interest rate.
#Money254
#HustlerFund
2/
On this assumption, the fund will gain only 0.31% for each 14 day-loan repaid. The fund will loose all the money that is not repaid to it, or defaults.
If people default on more than 0.31% of the loans, the fund will loose money on each loan cycle.
#Money254
#HustlerFund
3/
If people default on more than 0.31% of the loans, the fund will loose money on each loan cycle.
#Money254
#HustlerFund
3/
Happening Now: Hustler Fund Launch at the Green Park Terminus in Nairobi. The fund, a core campaign promise of the Kenya Kwanza administration has a seed capital of Ksh50 billion
#Money254
#HustlerFundLaunch
#Money254
#HustlerFundLaunch
The hustler fund is structured into four loan products.
1. Personal Finance
2. Micro Loans
3. SME Loans
4. Startup Loans
#Money254
#HustlerFundLaunch
money254.co.ke/post/what-we-k…
1. Personal Finance
2. Micro Loans
3. SME Loans
4. Startup Loans
#Money254
#HustlerFundLaunch
money254.co.ke/post/what-we-k…
The Personal Finance Hustler Fund product - which is what is being launched today - will have a minimum loan limit of Ksh500 and a maximum of Ksh50k.
The actual amount you qualify for will depend on your credit history.
money254.co.ke/post/no-collat…
#Money254
The actual amount you qualify for will depend on your credit history.
money254.co.ke/post/no-collat…
#Money254
This Hustlers Fund idea keeps on mutating. It is now turning into an unrecognisable mongrel. It is obvious the idea was never properly thought out. The fund's intentions are not economic but political.
#HustlerFund 🧵
#HustlerFund 🧵
Before setting up another fund we should have studied what happened to Youth Fund, Women Fund and Uwezo Fund. There is nothing to show for all the money poured into these things.
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When the Youth Fund was established in 2005, I was one of the people who participated in a forum to give views on how it should be run. That time I was the Chairman of the Kenya Association of Young Entrepreneurs which I founded soon after we left campus.
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