Henry Tanui has officially been named the new Chief Executive Officer of the Financial Inclusion Fund, widely known as the Hustler Fund.
The announcement was made by the Fund’s Board on Wednesday, marking a major change in leadership for the initiative that has become a key pillar of Kenya’s economic empowerment agenda.
Tanui takes over from Elizabeth Nkukuu, who served as the Fund’s very first CEO since its creation in 2022.
Nkukuu played a central role in building the Fund from the ground up and shaping it into one of the most widely used financial support systems for Kenyans.
Her exit marks the end of a crucial chapter and the beginning of a new era under Tanui’s stewardship.
With 24 years of experience in the financial sector, Tanui brings deep knowledge and leadership skills to the job.
His professional background covers a wide range of areas, including risk management, micro, small and medium enterprise (MSME) lending, business and personal loans, mortgage financing, and international trade finance.
The Board believes that his expertise makes him well-suited to steer the Hustler Fund into its next phase of growth and stability.
Cabinet Secretary for Cooperatives and MSME Development, Wycliffe Oparanya, welcomed the appointment, expressing full confidence in Tanui’s leadership.
Oparanya noted that the Fund has had a massive impact since its launch, disbursing loans to more than 26 million Kenyans.
He urged the new CEO to build on this strong foundation by focusing on accountability and sustainability.
“I encourage the Hustler Fund team to strengthen their efforts in ensuring borrowers repay their loans on time, since this will help improve credit scores across the country,” Oparanya said.
He also emphasized the need for greater financial literacy programs, noting that equipping Kenyans with the right knowledge will help them use the Fund more effectively to grow their businesses and improve their livelihoods.
In his first statement as CEO, Tanui expressed both optimism and realism. He acknowledged that while the Fund has made tremendous strides, there are still major challenges—particularly in loan collection and repayment. He promised to prioritize reforms in these areas.
“My focus will be on reengineering our collection systems, improving financial literacy programs, and expanding ecosystem lending channels to make the Hustler Fund more accessible and impactful for Kenyans,” Tanui said.
His remarks made it clear that his goal is not only to strengthen operations but also to ensure the Fund achieves long-term sustainability.
The question of repayment remains one of the most debated issues surrounding the Hustler Fund. A 2022 report by the Kenya Human Rights Commission titled “Failing the Hustlers” raised concerns about the Fund’s sustainability, pointing to a high default rate of 68.3 percent.
According to the report, for every Ksh500 loaned out, about Ksh340 was lost to defaults. These figures sparked criticism and doubt over whether the Fund could continue operating effectively.
However, President William Ruto has strongly dismissed these claims, stating that the Fund’s repayment rate is actually above 83 percent.
The sharp difference between the two reports highlights the complexities and controversies surrounding the Fund’s financial health, making it clear that accurate reporting and transparency will be vital for its future.
As of May 2025, Cabinet Secretary Oparanya confirmed that the Hustler Fund has disbursed over Ksh70 billion to Kenyans, particularly targeting small businesses and entrepreneurs.
This figure shows the massive scale of the Fund’s role in supporting Kenya’s economy, especially at the grassroots level.
During the official handover ceremony, the Board praised outgoing CEO Elizabeth Nkukuu for her dedication and pioneering spirit in launching the Hustler Fund.
Principal Secretary for MSME Development, Susan Mangeni, also recognized Nkukuu’s contributions, noting that she was instrumental in laying the foundation for the program and guiding it through its crucial early years.
“We thank Elizabeth Nkukuu for her tireless service and leadership. She has played a major role in setting up the Fund and leading it through its formative stages,” Mangeni said.
In her farewell message, Nkukuu expressed pride in the progress made under her watch and gratitude for the opportunity to serve Kenyans. “It has been a true privilege to help establish and launch the Hustler Fund.
I am proud that we have been able to reach millions of households and support MSMEs across the country. I warmly congratulate Henry Tanui and wish him the very best in leading the Fund into its next phase of growth,” she said.
Tanui’s appointment now sets the stage for the next chapter of the Hustler Fund. With challenges to overcome, particularly in loan repayment, and opportunities to expand financial inclusion, his leadership will play a key role in shaping the future of one of Kenya’s most important economic empowerment programs.
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