The ABC of the Hustler Fund Savings Scheme

The Hustler Fund savings will see customers earn interest of up to 9 percent per annum on their short-term savings balance. The government will match contribution on a 2:1 ratio up to a maximum of Ksh6,000 per annum

You can save in two ways of savings; when you request a loan and when you directly deposit /sending directly to your savings from your Mobile Money wallet. Please note in both instances the 70 percent and 30 percent split will apply i.e., 70 percent of the amount will be deposited into long-term savings (pension scheme) and 30 percent into short-term savings.

Also read; Twelve things you should know about the Hustler Fund

As a customer, you can only access the short-term savings immediately. To access your short-term savings, customer must have cleared repaying their full loan or repay 30 percent of the loan borrowed. For instance, if you borrowed Ksh1,000, you should have repaid Ksh300 (30%*1,000).

Five percent of your loan will go into your Savings as below: 70 percent of the five percent will go into long term Savings (Pension) and 30 percent of the five percent will go into short term savings. For instance, if you borrow Ksh1,000 Ksh50 i.e. (5% *1,000) will go into your savings as below; Ksh35 (70% *50) – Will go to your pension account that is within the Hustler Fund and Ksh15 (30% * 50) – Will go into your short-term savings account that is within the Hustler Fund.

You can check your savings balance by using USSD. You dial *254#, select the option for Savings, select Check Balance, enter Mobile Money PIN and you will receive an SMS message with your Loan balance. On the application, this will be displayed on the Hustler Fund app with an option to hide or unhide.

You can get a mini statement that shows the last five transactions. You can access this either through the App or USSD under savings

You can opt-out of Hustler Fund loan, but you will still have the option to continue saving on the service

You can do any number of deposits into your savings account. And you can deposit any amount.

Also read: What you need to know about Hustler Fund loan recovery

There is no limit on the number of times you can withdraw so long as you have the amount available

If you opt out, your savings will still be available, and you will be able to view and continue saving.

The funds are put under the Kenya National Entrepreneurs Savings Trust (KNEST).

The age at which you can access your pension will depend on the type of scheme you are paying into. More details on this will be made in due course.