Hustler Fund has made the list of nominees in the Innovation for Impact Award category at the Africa Tech Festival. Innovation for Impact award recognises innovations of products or services that have disrupted traditional approaches, introduced new solutions, and created actual value for businesses and individuals in Africa.
Indeed, Hustler fund did have an impact on its onset with mobile money subscription registering a sharp rise in subscription rates. This is because many Kenyans opted to register for the cheap mobile loan that had been a campaign promise of the president.
The Hustler Fund is aimed to make credit accessible especially with the backdrop of predatory lending practices that denied borrowers access to funds for personal use and to grow their businesses
Accessible via M-PESA, Telkom Kenya’s T-Kash, and Airtel Money, Hustler fund is a loan facility offered to microenterprises and to individuals. However, a recent report pointed out that majority of people use the cash to meet day to day individual needs. Although Hustler fund is accessible through the 3 mentioned platforms, the award has put down Hustler Fund as “Safaricom’s Hustler Fund”.
Public voting will close on Monday 23rd October, and the three candidates with the most votes will make the final list. A panel of judges will make the final decision and announce the winners at the live awards show.
Other Innovation for Impact Nominees
Other companies nominated under the innovation for impact award are still majorly telcos. They are WIOCC Group, MTN Uganda, Vodacom, and Orange Cameroon.
The winners of the award will be announced at the Africa Tech Festival later this year. Africa Tech festival 2023 takes place on 15th November in Cape Town. The festival is organised by Informatech, a group of companies that provides market insight and market access expertise in different sectors.