President Ruto appoints Habil Olaka as chairperson of Hustler Fund

President William Ruto has appointed Habil Olaka, the former Chief Executive Officer of the Kenya Bankers Association, as the Non-Executive Chairperson of the Hustler Fund, a key initiative under the Kenya Kwanza administration aimed at financial inclusion. The appointment was announced in a gazette notice dated February 21, 2025, effective immediately for a three-year term.

Olaka succeeds Irene Muthoni, who has been at the helm of the Fund since January 21, 2023. The gazette notice highlighted that the appointment falls under the authority granted by Regulation 10 (1) (a) of the Public Finance Management (Financial Inclusion Fund) Regulations and section 51 (1) of the Interpretation and General Provisions Act.

Launched in November 2022, the Hustler Fund has been promoted as a solution to empower ordinary Kenyans, often referred to as “hustlers,” by providing them with access to affordable loans, thereby protecting them from predatory lending practices. At the Fund’s second-anniversary celebrations in December 2024, President Ruto reported that over Ksh.60 billion had been disbursed to 24.6 million Kenyans, with 1.5 million active borrowers benefiting from the Fund.

However, the initiative faces challenges, as approximately 27% of borrowers have defaulted on their loans, raising concerns about the Fund’s sustainability and the necessity for effective management strategies.

Habil Olaka brings a wealth of experience to the role, having began his banking career in 1989 as an audit senior at Price Waterhouse Coopers before moving to Banque Indosuez Kenya as an internal auditor. He subsequently served as the Director of Operations at the East African Development Bank for two years, before leading the Kenya Bankers Association for 13 years. His extensive background in banking and finance is expected to play a crucial role in revitalizing the Hustler Fund’s operations and addressing the current challenges.