Ruto appoints Habil Olaka as new Hustler Fund Chair

Through a gazette notice dated February 21, 2025, the president tapped the former CEO to chair the Fund for three years effective immediately. 

Olaka will take over from Irene Muthoni who has served as non-executive chair since January 21, 2023.  

"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 three years, with effect from 21st February 2025," the notice read in part. 

Since its launch in November 2022, the Hustler Fund has been hallmarked as a platform to liberate the hustlers from predatory lenders by offering affordable loans in the market. 

During its second anniversary in December 2024, President Ruto explained that his government had availed over Ksh.60 billion to 24.6 million Kenyans with 1.5 million of them being active borrowers. 

Despite its success, 27 per cent of borrowers remain in default; signalling a crisis for the Fund's management that thrives on users repaying their debts. 

Olaka looks to bring his experience to turn the Fund's fortunes around. The decorated banker's career began in 1989 when he became an audit senior at Price Waterhouse Coopers for four years. 

He later shifted to Banque Indosuez Kenya as an internal auditor for three years. Olaka then became the Director of Operations at the East African Development Bank for two years before assuming the KBA CEO position for 13 years.