Henry Tanui has been appointed as the new Chief Executive Officer of the Financial Inclusion Fund, commonly known as the Hustler Fund, as announced by the Board on Wednesday.
Tanui succeeds Elizabeth Nkukuu, the Fund's inaugural CEO, who has led the initiative since its inception in 2022.
Tanui brings with him 24 years of extensive experience in various sectors, including risk management, MSME lending, business lending, personal lending, mortgages, and international trade finance. His appointment is seen as a strategic move to guide the Fund through its next phase of development.
Cabinet Secretary for Cooperatives and MSME Development, Wycliffe Oparanya, expressed confidence in Tanui’s leadership. He highlighted the Fund’s significant impact, stating that it has distributed loans to over 26 million Kenyans since its establishment. Oparanya urged the new CEO to build upon this legacy.
"I encourage the Hustler Fund team to enhance their efforts in promoting timely repayments to improve credit scores and to expand financial literacy programmes that support Kenyans in succeeding," Oparanya said during the announcement.
In his first statement following the appointment, Tanui expressed optimism about the future of the Hustler Fund. He acknowledged the challenges ahead, particularly in reengineering the collection processes, which have proven to be a significant hurdle for the authority.
“My focus will be on reengineering our collection processes, strengthening financial literacy, and building ecosystem lending channels that expand our reach and deepen our impact,” Tanui stated, reflecting his commitment to improving the Fund's operations.
The issue of loan repayment continues to be a critical concern. A report by the Kenya Human Rights Commission, titled “Failing the Hustlers”, revealed a default rate of 68.3 per cent by the end of 2022, indicating that approximately Ksh340 is lost for every Ksh500 disbursed. This statistic has raised alarms about the sustainability of the Fund.
However, President William Ruto has challenged these claims, asserting that the Hustler Fund actually enjoys an over 83 per cent repayment rate. This conflicting information underscores the complexities surrounding the Fund's financial health and the importance of accurate reporting.
As of May 2025, Cabinet Secretary Oparanya confirmed that Ksh70 billion has been disbursed through the Hustler Fund, which aims to support micro, small, and medium enterprises across Kenya. This substantial figure highlights the Fund’s role in fostering economic growth in the country.
During the handover ceremony, the Board acknowledged Elizabeth Nkukuu’s “dedicated service and pioneering leadership” in establishing the Fund. Principal Secretary for MSME Development, Susan Mangeni, praised Nkukuu for her instrumental role in launching the initiative.
“We extend our gratitude to Elizabeth Nkukuu for her steady leadership in establishing the Fund and guiding it through its early stages,” Mangeni stated, recognising the foundation laid by her predecessor.
In her farewell remarks, Nkukuu expressed her gratitude for the opportunity to serve. “It has been a privilege to serve Kenyans by establishing and launching the Hustler Fund. I am proud of the progress we have made in reaching millions of households and MSMEs. I warmly congratulate Tanui and wish him every success in expanding the Fund’s impact in the years ahead,” she concluded.
