In a surprising move, President William Ruto has appointed Dr. Habil Olaka as the Non-Executive Chairperson of the Advisory Board for the Financial Inclusion Fund, commonly known as the Hustler Fund.
This decision, effective from February 21, 2025, marks a significant leadership change aimed at bolstering the fund’s mission to support small businesses and entrepreneurs across Kenya.
Dr. Olaka, the former Chief Executive Officer of the Kenya Bankers Association (KBA), brings a wealth of experience to his new role. His tenure at KBA, which began in 2010 and concluded with his retirement in March 2024, was marked by numerous industry advancements.
Notably, he spearheaded the Sustainable Finance Initiative in 2015, guiding banks to integrate environmental, social, and governance principles into their operations. This initiative led to the issuance of Kenya’s first Green Bond in 2019, a milestone for the East African financial sector.
Additionally, under his leadership, the banking industry witnessed the launch of PesaLink, a real-time payment system that revolutionized digital transactions in the country.
The appointment of Dr. Olaka comes as President Ruto seeks to reinforce the Hustler Fund’s objectives. Launched in December 2022, the fund aims to provide accessible financial support to small businesses and entrepreneurs, facilitating economic inclusion and growth.
As of January 2025, the fund had disbursed Ksh62 billion to over 22 million Kenyans, with savings accumulating to Ksh2.5 billion.
In the official gazette notice, President Ruto stated, “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 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 February 21, 2025.”
This leadership change also entails the revocation of Irene Muthoni Metha Karimi’s appointment, who had served as the Non-Executive Chairperson since January 2023. Her tenure was initially set for three years, aligning with the fund’s launch.
Dr. Olaka’s extensive background is expected to bring a strategic perspective to the Hustler Fund. Before his long-standing role at KBA, he held positions such as Director of Operations at the East African Development Bank and Internal Auditor at Banque Indosuez (now Bank of Africa).
His academic credentials include a Doctorate in Business Administration from the United States International University-Africa, an MBA in Finance from Manchester Business School, and a First Class Honours BSc in Electrical Engineering from the University of Nairobi.
As the new chairperson, Dr. Olaka is poised to steer the Hustler Fund towards achieving its mission of fostering economic empowerment among Kenya’s underserved communities.
His appointment signals a renewed commitment to financial inclusion and the support of grassroots entrepreneurship, aligning with the government’s Bottom-Up Transformational Agenda.
