Ruto revokes appointment of Hustler Fund advisory board chair in fresh leadership shakeup

President William Ruto made changes to the Financial Inclusion Fund popularly known as Hustler Fund by revoking the appointment of Irene Muthoni Karimi.

Karimi was the non-executive chairperson of the Hustler Fund advisory board, a position she held from January 21, 2023.

However in a gazette notice on Saturday, February 22, 2025, Ruto tapped into the expertise of former Chief Executive Officer at the Kenya Bankers Association Habil Olaka to be the Non-Executive Chairperson of the Hustler Fund.

The head of state announced that Olaka will chair the Fund for three years effective immediately.

Newly appointed Hustler Fund Non-Executive Chairperson Habil Olaka. PHOTO/@KenyaBankers/X

“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 21st February 2025,” the gazette notice read in part.

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

Part of the statement on Habil Olaka's appointment. PHOTO/ Screengrab by K24 Digital/https://new.kenyalaw.org/gazettes/2025 — Part of the statement on Habil Olaka’s appointment. PHOTO/ Screengrab by K24 Digital/https://new.kenyalaw.org/gazettes/2025

Legacy initiative

The fresh leadership shakeup is expected to revitalise Hustler Fund, one of Kenya Kwanza’s legacy projects. During its launch, Ruto touted the product to alleviate poverty levels in the country and promote entrepreneurship.

Hustler Fund was expected to help business people access financial support at ease with the government unveiling various packages targeting different groups.

To further promote financial inclusion, Ruto announced that the Hustler Fund would be recalibrated to allow Muslims to consume the product.

President William Ruto in a past function. PHOTO/@WilliamsRuto/X

President Ruto said packaging the Fund to be Shariah compliant will deepen financial inclusion in Kenya.

“We will also adjust other Government financial instruments to comply with the Islamic Law,” he explained on April 2024.

He added that the move will make available more funds to drive the country’s development.

During its second anniversary in December 2024, Ruto detailed that his government had availed over Ksh60 billion to 24.6 million Kenyans with 1.5 million of them being active borrowers.