Ruto Appoints Retired CEO To Chair Hustler Fund Board

Olaka is set to hold the post for three years as indicated in a Gazette notice communicating his appointment.

Marvin Chege Marvin Chege
Feb 22, 2025 - 15:47 Updated: Feb 22, 2025 - 15:49
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Ruto Appoints Retired CEO To Chair Hustler Fund Board
President William Ruto speaking during the Hustler Fund’s second anniversary at the KICC, Nairobi on December 9, 2024. /PCS

President William Ruto on Friday, February 21 appointed Habil Olaka as the new non-executive chairperson of the advisory board of the Financial Inclusion Fund, popularly referred to as Hustler Fund.

Effective immediately, Olaka is set to hold the post for three years as indicated in a Gazette notice communicating his appointment. He beforehand served as the Chief Executive Officer (CEO) of the Kenya Bankers Association (KBA) until his retirement in March 2024.

“In exercise of the powers conferred by Regulation 10 (1) (a) of the Public Finance Management (Financial Inclusion Fund) Regulations, as read together with Section 51 (1) of the Interpretation and General Provisions Act, I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, appoint— Habil Olaka (Dr.) 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 February 21, 2025,” the gazette notice reads in part.

Habil Olaka, who has been appointed the new non-executive chairperson of the advisory board of the Financial Inclusion Fund, popularly referred to as Hustler Fund. /STRATHMORE LAW

This appointment meant that President Ruto revoked the tenure of Irene Muthoni Metha Karimi, who had held the position since the launch of the Hustler Fund in January 2023. Muthoni had originally been appointed for a three-year term.

Olaka’s tenure at the Kenya Bankers Association established him as a significant figure in the nation’s banking sector. The KBA announced his retirement in March 2024 after 14 years of service.

The Kenya Bankers Association (KBA) serves as an advocacy group for the financial sector and acts as the umbrella organization for banking institutions licensed and regulated by the Central Bank of Kenya (CBK).

Launched on November 30, 2022, the Hustler Fund is a key component of President Ruto's initiative aimed at helping Kenyans lift themselves out of poverty. It has been offering loans from a minimum of Ksh500 to as high as Ksh50,000 at an eight per cent pro-rated basis or a daily rate of 0.002 per cent.

The primary goal of the Hustler Fund is to support individuals in the informal sector in integrating into the formal financial system, a vital step toward long-term economic empowerment.

On December 9, 2024, President Ruto announced an increase in the Hustler Fund loan limit for more than two million borrowers. The Hustler Fund has had its borrowing limit increased in response to public demand.

“We have also launched a new product. The Bridging loan. It will allow every borrower in the Hustler Fund ecosystem, the good borrowers will be able to triple their credit borrowing. 

“Those with a limit of Ksh50,000 can now move to Ksh150,000 and those at Ksh5,000 will move to Ksh15,000. Some will be able to increase their limit because of their behaviour by 1.5 per cent, but others will not have any increase because they have not behaved well,” said the head of state.

At the same time, he announced updated lending terms of the Hustler Fund, starting with the introduction of a new 'loan bridge' targeting ‘good borrowers’ who will now access enhanced credit limits, based on how good their credit history is.

Here, borrowers under the ‘bridge’ product began getting a term loan of 30 days from the current 14 days on the personal loan, with a rollover of 30 days at eight per cent annually and a one-month roll with enhanced interest at 9.5 per cent.

President William Ruto being taken through how to access the Hustler Fund during its launch on November 30, 2022. /PCS

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