President William Ruto has appointed Dr. Habil Olaka as the new head of the Hustler Fund, also known as the Financial Inclusion Fund.
The announcement was made through a gazette notice, where Ruto tapped into the experience of the former chair of the Kenya Bankers Association (KBA) to lead the Fund.
As of January 2025, the Hustler Fund has disbursed Ksh62 billion to over 22 million Kenyans.
“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 stated.
Olaka will oversee the Fund, which has accumulated Ksh2.5 billion in savings over the three years since its inception.
Following his appointment, Ruto revoked Irene Muthomi Metha-Karimi’s previous appointment as chair.
Olaka’s appointment comes after his retirement from the Kenya Bankers Association (KBA) on March 31, 2024, where he had served for a decade.
KBA is the representative body for banking institutions licensed by the Central Bank of Kenya (CBK).
The Hustler Fund, launched by President Ruto in 2022, is a key initiative of his administration aimed at providing accessible financial support to small businesses and entrepreneurs across Kenya.
During its launch, Ruto described the Fund as a significant step in advancing his Bottom-Up Transformational Agenda (BETA), which focuses on fostering economic inclusion and growth.
In December 2024, Ruto also introduced a new financial product under the Hustler Fund, called the Bridge Loan.
The product is designed to offer higher loan limits and extended repayment periods, providing more flexible credit options for Kenyans with strong credit scores.
It aims to support the transition from smaller personal loans to larger, business-focused financing.
