President William Ruto has appointed Dr. Habil Olaka, the former CEO of the Kenya Bankers Association (KBA), as the new Non-Executive Chairperson of the Hustler Fund’s Advisory Board. This move comes as part of efforts to revitalize the flagship financial inclusion initiative, a cornerstone of the Kenya Kwanza administration’s legacy.
Appointment Details
The announcement, made via a gazette notice dated February 21, 2025, confirms that Olaka will assume the role for a three-year term, effective immediately. He succeeds Irene Muthoni, who served as the fund’s chair since January 2023.
President Ruto stated in the notice, “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 appoint Habil Olaka (Dr.) as the Non-Executive Chairperson of the Advisory Board of the Financial Inclusion Fund.”
The Hustler Fund’s Journey
Launched in November 2022, the Hustler Fund aims to empower millions of Kenyans by providing affordable credit to small-scale entrepreneurs, often targeted by predatory lenders. By its second anniversary in December 2024, the initiative had disbursed over Ksh 60 billion to 24.6 million Kenyans, with 1.5 million of them categorized as active borrowers.
However, challenges persist. With a 27% default rate among borrowers, the fund faces pressure to enhance repayment compliance while maintaining its accessibility.
Habil Olaka’s Expertise
Dr. Olaka’s appointment brings a wealth of experience to the Hustler Fund’s leadership. A seasoned banker with a career spanning over three decades, he began as an audit senior at PricewaterhouseCoopers in 1989 before moving into roles including internal auditor at Banque Indosuez Kenya and Director of Operations at the East African Development Bank.
For 13 years, Olaka led the Kenya Bankers Association, where he spearheaded key reforms and financial inclusion initiatives. His expertise is expected to steer the Hustler Fund toward sustainability while addressing its repayment challenges.
Future Outlook
The Hustler Fund is seen as a pivotal project in advancing Kenya’s financial inclusion goals, but its success hinges on robust management and innovative strategies to mitigate default risks. With Dr. Olaka at the helm, stakeholders are optimistic about the fund’s trajectory in empowering “hustlers” while ensuring financial stability.
