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Nov 30 • 7 tweets • 4 min read
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...

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/1
#Money254
#HustlerFund
A Bodaboda guy gets Ksh200k; 100k each from MP Kimani Ichungwa and CS Kipchumba Murkomen to get himself a brand new boda.

/2
#Money254
#HustlerFund
A smokie guy also got Ksh100k from Safaricom CEO to amp up his smokie business.

/3
#Money254
#HustlerFund
Art for 60k!
An artist got himself Ksh60k for a single piece of art from CS Moses Kuria among many other art sales.

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#Money254
#HustlerFund
If you think that's all, think again!

Susan, a fish vendor got Ksh20k deep freezer, Ksh10k for a single piece of fish from Family bank, and Ksh10k from Aisha Jumwa among many others.

/5
#Money254
#HustlerFund
Still on the big reaps,

DP Rigathi and Ndindi Nyoro purchased Ksh5k shirt for Ksh50k each from a shirt vendor.

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#Money254
#HustlerFund
Looking to start your bizna, read @Money254 guide here...
money254.co.ke/post/how-to-st…

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More from @money254HQ

Money254.co.ke Profile picture
Nov 30
@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. Image
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
/2
…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
/3
Read 4 tweets
Money254.co.ke Profile picture
Nov 30
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/
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/
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/
Read 11 tweets
Money254.co.ke Profile picture
Nov 30
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
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…
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
Read 13 tweets

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