President William Ruto on Thursday launched the new digital financial inclusion initiative dubbed “Biashara Loan.”
The Biashara loan is part of the Hustler Fund Personal Loan Product, which is a revolving fund that provides credit to small businesses and individuals who have no collateral or formal banking history.
According to the Head Of State, the Biashara loan can be accessed by an individual or as a group. As an individual, you can access a loan of between sh.10,000 and 200,000 which is to be paid at 7% interest calculated pro-rata or daily.
The maximum period to pay the money back is one year but you can opt to repay in one, three, six, or nine months.
When you meet a certain criteria as a beneficiary, you can get a top up in your existing loan.
The loan is aimed at boosting economic growth and creating employment opportunities for many Kenyans.
If you want to register for the Biashara loan, you just need to:
Dial *254# on your mobile phone
Select the business category whether it’s agriculture,trade or service provision
Then enter the business registration number and KRA pin linked to the business
The requirements needed for one to be legible for the loan are:
Be a Kenyan citizen of 18 years of age and above
Have a Kenyan Valid National ID
Have an active SIM Card from any Mobile Network Operator
Have opted to Hustler Fund Personal Loan Product
Have a business number for a business registered on the Business Registration Service (BRS)
Have a KRA pin linked to the Business BRS.
BY MARGARET MUGO