Trade Cabinet Secretary Moses Kuria on Wednesday revealed a request from the World Bank to have access to the Hustler Fund borrowers' records.
Kuria speaking during the Holistic Productive Capacities Development Programme, remarked that the World Bank has noted that the data probably has the best credit score for Kenyans that should also be shared with other financial institutions including banks.
"Your Excellency I had a conversation with the World Bank last week and they sent me to you. They said to ask the president to be a little magnanimous and generous and not fall into the temptation of being selfish. I asked them why, and they explained that the best credit score in the republic of Kenya is the one that has been generated by the Hustler Fund," Kuria noted.
Hustler Fund was launched in November 2022, over a month after President William Ruto took power, to give cheap credit to millions of Kenyans who cannot access loans from banks and other lenders
The fund gives loans that should be repaid within 14 days with low-interest rates compared to similar products owned by commercial banks and Saccos.
A credit score is a three-digit number that shows a person's past credit behaviour and it helps lenders understand how to issue loans, mortgages, and credit cards, and the interest rate to be charged.
It ranges between 250-900 where 250 is considered a bad score and 900 is a good score.
Kuria has noted that the expression of confidence from the World Bank was a vote of confidence for the programme that is barely a year old.
The first phase of the loan facility was launched last year targeting mostly low-income earners with small loans for subsistence use charging a 0.002 per cent interest rate. There are four categories of loans: personal finance, microloan, SMEs, and start-ups.
In June 2023, the Head of State unveiled the second phase of the fund, targeting groups including chamas and Saccos.
The second phase offers business loans to groups and individuals in a bid to boost small enterprises which struggle to get loans for capital.
"Today we have close to Ksh15 million Kenyans on the Hustler Fund, we have lent Ksh35 billion in the last eight months and we have Ksh7 million using the fund daily," Ruto disclosed.
