President Ruto appoints Habil Olaka chairperson of Hustler Fund Advisory Board » Capital News

NAIROBI, Kenya, Feb 22 – President William Ruto has appointed Habil Olaka as the Non-Executive Chairperson of the Financial Inclusion Fund (Hustler Fund) Advisory Board.

Through a Gazette notice dated 21st February 2025, Olaka will serve in the position for a period of three years, effective immediately.

“I William Samoei Ruto, President of the Republic of Kenya and Commander in Chief of the Defence Forces, appoint HABIL OLAKA 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 21st February, 2025,” read the notice.

Olaka will take over from Irene Muthoni Karimi as the Non-Executive Chairperson of the Hustler Fund Advisory Board following her revocation.

“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, The appointment of Irene Muthoni Metha Karimi is revoked,” it stated.

The Hustler Fund, a key initiative of the Kenya Kwanza administration was launched by President Ruto back in 2022 targeting to provide accessible financial support to small businesses and entrepreneurs across the country.

Speaking during the launch, President Ruto said the event marks a critical milestone for his government in implementing the Bottom-Up Transformational Agenda (BETA), fostering economic inclusion and growth.

In December last year, Ruto announced the launch of Bridge Loan, a new financial product under the Hustler Fund.

He noted that the initiative aims to provide Kenyans with higher loan limits and longer repayment periods, addressing the demand for more flexible credit options.

Ruto emphasized that the Bridge Loan targets Kenyans with strong credit scores, enabling them to transition from smaller personal loans to larger, business-oriented financing.