Hustler Fund Borrowers Can Now Repay Loans Using Safaricom Bonga Points
The Kenyan Financial Inclusion Fund is allowing Hustler Fund borrowers to repay loans using Safaricom Bonga Points to address rising default rates. This initiative aims to improve liquidity for the fund as government financial support decreases.
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It demonstrates an innovative approach to micro-finance and debt collection in emerging markets by leveraging existing loyalty program ecosystems.
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Elijah Ntongai is an experienced editor at TUKO.co.ke, with more than four years in financial, business, labour and technology research and reporting. His work provides valuable insights into Kenyan, African, and global trends.
Hustler Fund borrowers now have a new way to settle outstanding loans after the Financial Inclusion Fund (FIF) began allowing repayments through Safaricom Bonga Points, a move aimed at improving collections as defaults continue to mount.
Hustler Fund Borrowers Can Now Repay Loans Using Safaricom Bonga Points Source: UGC The fund sent SMS notifications to borrowers informing them of the option, directing them to dial *254# to access the repayment menu. Once inside the menu, users can choose between M-Pesa and Bonga Points as their preferred payment method.
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