With a general selection of ‘Hustler Fund Click’, a search on Twitter provides links, most of which require a membership application with the ‘Hustler Sacco’ for the ‘Hustler Fund’ and opportunity to apply for loans.
Background
One of the agenda in Kenya Kwanza’s manifesto was “a realistic model to end Kenya’s economic crisis”. It entailed funding low-income earners, small businesses and start-ups with Sh50 billion during its first disbursement at a rate, less than 10% per year. These funds considered to be credit to micro, small and medium enterprises require no collateral.
Verification
A number of these links redirect to one common website; Hustler Sacco. Details on WhoIs show this website was created on October 11, 2022 and is registered as ‘hustler.com.’ It describes itself as a “product of Futures Investment Cooperative Societies’ with registration number CS8074. The website was registered in Iceland.
A tweet with a similar link raises concerns about requirements to this fund. After filling in the required registration details, “it brought an M-PESA prompt for me to pay 1750,” it reads.
To access the Personal Finance, applicants are required to have a procedural code on their mobile phones, which the government is still working on. Moreover, beneficiaries don’t require any official registration to access these funds. Speaking on November 17, 2022, the cabinet secretary for Cooperatives and Micro, Small and Medium Enterprises, Simon Chelugui said beneficiaries should disregard links and websites asking them to register for these funds.
Key to accessing and saving these funds is being a member of the National Social Security Fund (NSSF) since 5% of the amount borrowed goes to the beneficiaries’ savings scheme.
Verdict
These links asking applications for the hustler’s are FAKE.
This fact-check was produced by Africa Uncensored with support from Code for Africa’s PesaCheck, African Fact Checking Alliance network and the United Nations Development Programme.
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