President William Ruto has appointed Habil Olaka as the Non-Executive Chairperson of the Financial Inclusion Fund (Hustler Fund) Advisory Board. His appointment was announced through a Gazette notice dated February 21, 2025, and takes effect immediately. Olaka will serve in the role for three years.
“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, for a period of three (3) years, with effect from 21st February 2025,” the notice stated.
Leadership Change at Hustler Fund
Olaka replaces Irene Muthoni Karimi, whose appointment has been revoked. The revocation was made under the Public Finance Management (Financial Inclusion Fund) Regulations and the Interpretation and General Provisions Act. No specific reasons for her removal were provided in the notice.
The Hustler Fund, a flagship project of the Kenya Kwanza administration, was launched by President Ruto in 2022. It aims to provide financial support to small businesses and entrepreneurs across Kenya, promoting economic inclusion. The fund aligns with the Bottom-Up Transformational Agenda (BETA), which focuses on empowering low-income earners and small enterprises.
Expansion of the Hustler Fund
In December 2024, President Ruto introduced a new financial product under the Hustler Fund called the Bridge Loan. This initiative was designed to offer higher loan limits and longer repayment periods, addressing the growing demand for more flexible credit options.
The Bridge Loan specifically targets individuals with strong credit scores, enabling them to access larger business loans. According to Ruto, this expansion is intended to help small entrepreneurs transition from personal loans to business-oriented financing, further strengthening the fund’s role in economic empowerment.
Olaka’s appointment comes at a critical time when the government is working to enhance financial inclusion and ensure the Hustler Fund continues to serve its intended purpose. His leadership is expected to play a key role in shaping the fund’s policies and improving access to affordable credit for Kenyans.
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