Hustler Funds are here, and we have covered nearly every aspect of the loan product in previous stories.
Part of the coverage entails the Fund’s terms and conditions. However, it would appear that there is another condition that most people missed, and this is the fact that the Fund will look into the balance of your mobile money wallet, and subject it to taxed in accordance with applicable Kenyan, foreign and international law.
To note, the fund is distributed through mobile money channels, which are M-PESA, T-Kash and Airtel Money. All the telcos associated with this drive, including the primary partner KCB Bank, have updated their users about the said term and condition.
T-Kash says: Amounts in your T-kash Wallet may be subject to taxes in accordance with applicable Kenyan, foreign or international law. You consent and agree that we may withhold amounts in your T-kash Wallet if any Kenyan or foreign tax authority requires us to do so.
M-PESA says: Amounts in your M-PESA Wallet may be subject to withholding tax in accordance with applicable Kenyan, foreign or international law. You consent and agree that we may withhold amounts in your M-PESA Wallet if any Kenyan or foreign tax authority requires us to do so.
Other terms and conditions
- The Hustler Fund Savings and loan product shall have a savings component. 5% of the loan advanced shall be deducted to go toward savings. 30% of the Savings Deduction shall be applied to a savings account. 70% of the Savings Deduction will be applied towards the customer’s pension.
- If the loan has been fully repaid, the Customer shall only be entitled to access the short-term savings after 365 days from date of disbursement of the loan.
- In the event of default by the customer (non-payment within fourteen (14) days from the date of disbursement), interest will accrue at the rate of 9.5% p.a. with effect from the 15th day.
- If the customer fails to by the 30th day from the date of disbursement, the customer’s credit rating may be reviewed by the Fund which may result in a review of the customer’s assigned credit limit.
- The interest applied on the loan shall accrue daily from the date of loan disbursement until the 365th day, or such other earlier date upon which the loan may have been fully repaid. Repay.
- You may request for a statement or activity report in respect of your funds within you mobile money wallet through the applicable mobile money channels and menu.
- Applicable tariffs will be charged by your telephone and internet service provider(s) when communicating with the Customer Care Centre (SMS 22522).
- Telcos will collect certain personal information for compliance with their legal and contractual obligations.
Key queries about Fuliza and more
Does the *254# code charge customers? The answer is no because it is zero-rated.
There are no transaction costs for receiving the loan into your mobile wallet or when you repay the loan.
Why is the M-PESA PIN (mobile money PIN) needed? Well, it is required to authenticate the owner of the wallet where the loan will be disbursed. All data privacy rules are applied and the PIN is not shared with anyone.
Lastly, what if you have Fuliza?
Fuliza will be suspended for up to 24 hours to ensure you are able to utilize the Hustler Fund first. However, any other funds outside Hustler Funds received into the same mobile wallet during this period (24 hours) will be used to repay any existing Fuliza overdraft.