Ruto’s Power Play: Ex-Banking Bigwig Habil Olaka Takes Over Hustler Fund in Shocking Shake-Up
Kenya’s President, William Ruto, has appointed Habil Olaka to lead the Hustler Fund, also known as the Financial Inclusion Fund.
In an official gazette notice, Ruto selected Olaka, who previously served as the chairman of the Kenya Bankers Association (KBA), to oversee the fund. Since its launch, the fund has provided loans worth Ksh62 billion to over 22 million Kenyans as of January 2025.
The gazette notice stated that President Ruto used his authority under Regulation 10 (1) (a) of the Public Finance Management (Financial Inclusion Fund) Regulations, alongside Section 51 (1) of the Interpretation of General Provisions Act, to appoint Olaka as the Non-Executive Chairperson of the Advisory Board for the fund.
Olaka will now manage a fund that has accumulated Ksh2.5 billion in savings since its establishment three years ago.
Following Olaka’s appointment, President Ruto revoked the previous appointment of Irene Muthomi Metha-Karimi, who had been in the role before him.
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Olaka’s selection comes after his retirement from the Kenya Bankers Association, an organization representing financial institutions licensed by the Central Bank of Kenya (CBK). He stepped down from KBA on March 31, 2024, after serving as its head for a decade.
The Hustler Fund is a major program under the Kenya Kwanza administration. President Ruto launched it in 2022 to help small business owners and entrepreneurs access affordable credit across the country.
During the launch, Ruto described the fund as a key step in his government’s Bottom-Up Transformational Agenda (BETA), which aims to boost economic inclusion and national growth.
In December 2024, President Ruto introduced a new financial product under the Hustler Fund called the Bridge Loan. He explained that this initiative would offer Kenyans higher borrowing limits and extended repayment terms, providing more flexible credit options.
Ruto further noted that the Bridge Loan is specifically designed for Kenyans with good credit histories. The goal is to help them move from small personal loans to larger business-focused financing, giving them better opportunities to expand their enterprises.
Ruto’s Power Play: Ex-Banking Bigwig Habil Olaka Takes Over Hustler Fund in Shocking Shake-Up
