President William Ruto has appointed Habil Olaka, the former CEO of the Kenya Bankers Association (KBA), to lead the Hustler Fund, which is also known as the Financial Inclusion Fund.
This appointment, made through a gazette notice, sees Olaka take over the leadership of the Fund, which has already distributed Ksh62 billion to over 22 million Kenyans as of January 2025.
The gazette notice, issued by President Ruto, reads, “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.”
Olaka’s appointment comes at a time when the Fund has seen a remarkable growth, accumulating Ksh2.5 billion in savings over three years since its inception.
As part of this move, President Ruto also revoked the previous appointment of Irene Muthomi Metha-Karimi, who was the initial appointee. Olaka’s new role will see him at the forefront of overseeing the Fund, which plays a crucial role in providing financial inclusion for small businesses and entrepreneurs.
Habil Olaka retired from his role as the CEO of KBA on March 31, 2024, after a decade of service at the association. The Kenya Bankers Association, which he led, serves as the advocacy body for the banking industry, representing institutions regulated by the Central Bank of Kenya (CBK).
The Hustler Fund is a significant initiative by the Kenya Kwanza administration, aimed at improving access to financial resources for individuals and small businesses, especially those at the grassroots level. Launched by President Ruto in 2022, the initiative is a key pillar in the implementation of the Bottom-Up Transformational Agenda (BETA), a vision aimed at promoting economic inclusion and uplifting small-scale entrepreneurs.
In December 2024, President Ruto introduced a new product under the Hustler Fund called the Bridge Loan. This financial product is designed to provide Kenyans with higher loan limits and extended repayment periods.
According to Ruto, the Bridge Loan addresses the growing demand for more flexible credit options by targeting individuals with strong credit scores.
This initiative is intended to help borrowers transition from smaller, personal loans to larger, business-oriented financing, further supporting the growth of small businesses and entrepreneurs across the country.
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