President William Ruto on Monday, December 9 launched the Hustler Fund credit rating which is based on the behaviour of the borrower.
This credit-rating, he said, was meant to provide credit history of the unserved, underserved and unbanked Kenyan population to expand their access to affordable credit.
The Hustler Fund credit rating system assigns all the Hustler Fund beneficiaries a score ranging from A1 (Excellent) to C3 (Poor). The Score has nine (9) bands: A1, A2, A3, B1, B2, B3, C1, C2, C3 to demonstrates one’s credit worthiness.
The Hustler Fund credit rating is aimed at collaterising positive behavior to entrench a culture of credit worthiness in the economy.
Consequently, President Ruto announced a two months moratorium for Hustler Fund beneficiaries to repay their loans and improve their credit rating before the credit rating is shared in the market for referencing.
“Over 2 million Hustler Fund beneficiaries have demonstrated good borrowing behaviour over the last two years and their positive behavior will earn them access to enhanced credit loan,” President Ruto said during the event held at Kenyatta International Convention Centre, Nairobi.
The over 2 million Kenyans will be beneficiaries of a new bridge loan that targets good borrowers graduating from the personal loan product and opens a new chapter for them to access enhanced credit limit based on their now established good credit history.
He also announced that the Hustler Fund long-term savings will now be managed by Kenya National Entrepreneurs Savings Trust (KNEST), and will go live in two months time.
