Ex-KBA boss Olaka takes over as new chair of Hustler fund
Olaka takes over from Irene Karimi whose appointment has been revoked
Immediate former Kenya Bankers Association (KBA) Chief Executive Officer (CEO) Habil Olaka has been appointed as the non-executive chairperson of the Financial Inclusion Fund (Hustler Fund) Advisory Board by President William Ruto for a three-year tenure.
Olaka takes over from Irene Karimi whose appointment has been revoked.
He was appointed through a Gazette notice dated February 21, 2025.
“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,” the statement said.
The Hustler Fund, a key initiative of the Kenya Kwanza administration, was established by President Ruto back in 2022 to provide financial support to the small businesses and entrepreneurs across the country.
Speaking during the launch, President Ruto said the launch had marked a critical milestone for his government in the implementation of the Bottom-Up Transformational Agenda (BETA), fostering economic inclusion and growth.
President Ruto in December 2024 announced the launch of Bridge Loan – a new financial product under the Hustler Fund. The President 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.
Olaka’s appointment comes as the Co-operatives Ministry and the micro small and medium enterprises (MSMES) projects the fund loans to hit Sh60 billion in the financial year 2025/2026, and the number of individuals and groups accessing the loans hitting 25 million and 120,000 respectively.
So far, over Ksh63.21 billion has been disbursed since the fund was launched in 2022. The bridge loan fund figures have opted 197,425 customers, and disbursed Ksh1.53 billion since December 2024.
