Ruto Appoints Retired CEO as New Hustler Fund Chairperson

President William Ruto has appointed former Kenya Bankers Association (KBA) Chief Executive Officer (CEO) Habil Olaka as the new Non-Executive Chairperson of the Advisory Board of the Financial Inclusion Fund, popularly known as the Hustler Fund.

Habil Olaka retired as KBA CEO in March 2024 after serving as the Association’s chief executive since his appointment in 2010.

In a Gazette notice dated February 21, President Ruto announced that Olaka will serve the board for three years.

“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 a period of three (3) years, with effect from February 21, 2025,” the gazette notice reads in part.

Ruto Appoints Habil Olaka as Hustler Fund Chairperson

At the same time, President Ruto revoked the appointment of Irene Muthoni Metha Karimi who was serving as the Fund’s Non-Executive Chairperson.

Habil Olaka also serves as an independent non-executive director of Old Mutual Holdings.

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Prior to his time at KBA, he was the Director of Operations at the East Africa Development Bank (EADB), where he played a key role in credit operations and business development.

His leadership at EADB was integral to the growth and operational efficiency of the bank.

Olaka’s career also includes a notable tenure at Banque Indosuez (now Bank of Africa), where he worked as the Internal Auditor for four years.

His career began at Price Waterhouse Coopers (PwC) in Nairobi, where he worked in the audit and business advisory division, building a strong foundation in finance and governance.

Education and Awards

Olaka holds a First-Class Honours Bachelor of Science degree in Electrical Engineering from the University of Nairobi (UoN).

He further advanced his education with an MBA in Finance from the Manchester Business School in the United Kingdom.

Additionally, he earned a Doctor of Business Administration degree from the United States International University.

Olaka is also a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and a Chartered Financial Analyst (CFA).

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He is an alumnus of Strathmore School of Accountancy, underscoring his strong background in both business and finance.

In 2018, he was recognized by the Association of Executives in Johannesburg, South Africa, as the Africa Association Leader of the Year 2018.

He was awarded the Presidential National Honours Award – Elder of the Order of the Burning Spear (EBS), in 2021 and sits on the board of Waica Re (K) Ltd where he is the Chairman of the Audit, Risk & Compliance Committee.

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