President William Ruto appointed Habil Olaka to head the Hustler Fund also known as the Financial Inclusion Fund.
Through a gazette notice, Ruto tapped into the former Kenya Bankers Association chair to head the Fund that has so far distributed Ksh62 billion to over 22 million Kenyans as of January 2025.
“In exercise of the powers conferred by Regulation 10 (1) (a) of Public Finance Management (Financial Inclusion Fund) Regulations, as read together with section 51 (1) of the Interpretation of General Provisions Act, I, William Samoei Ruto, President of the Republic of Kenya and Commander in Chief of the Defence Forces, appoint Habil Olaka to be the Non-Executive Chairperson of the Advisory Board of the Financial Inclusion Fund,” the gazette notice read.
Olaka is set to be at the helm of the fund that has so far accumulated Ksh2.5 billion in savings for three years since its launch.
As a result of Olaka’s appointment, Ruto revoked the initial appointment of Irene Muthomi Metha-Karimi.
Olaka’s commissioning came after he retired from KBA, an advocacy group in the financial sector, and the umbrella body of banking institutions licensed and regulated by the Central Bank of Kenya (CBK).
Olaka retired from KBA on March 31, 2024, after serving the association for ten years.
The Hustler Fund, a key initiative of the Kenya Kwanza administration, was launched by President Ruto back in 2022, targeting to provide accessible financial support to small businesses and entrepreneurs across the country.
Speaking during the launch, President Ruto said the event marks a critical milestone for his government in implementing the Bottom-Up Transformational Agenda (BETA), fostering economic inclusion and growth.
In December 2024, Ruto announced the launch of Bridge Loan, a new financial product under the Hustler Fund.
He noted that the initiative aims to provide Kenyans with higher loan limits and longer repayment periods, addressing the demand for more flexible credit options.
Ruto emphasised that the Bridge Loan targets Kenyans with strong credit scores, enabling them to transition from smaller personal loans to larger, business-orientated financing.
