Henry Tanui appointed as new CEO of Hustler Fund

By Newsflash Writer

The Board of the Financial Inclusion Fund, commonly known as the Hustler Fund, has appointed Henry Tanui as its new Chief Executive Officer.

Tanui takes over from Elizabeth Nkukuu, the inaugural CEO who has led the Fund since its launch in 2022. The announcement was made on Wednesday, September 3, marking a significant leadership shift for the government-backed initiative.

Leadership transition and experience

Tanui brings more than two decades of experience in the financial sector, having worked in risk management, MSME lending, personal lending, mortgages, business financing, and international trade finance. His appointment is viewed as a strategic step toward strengthening the Fund’s operations and expanding its reach.

Cabinet Secretary for Cooperatives and MSME Development Wycliffe Oparanya expressed confidence in Tanui’s ability to lead the institution into its next phase. He praised the Fund’s achievements so far, noting that over 26 million Kenyans have accessed loans since its inception.

“I encourage the Hustler Fund team to promote timely repayments, improve credit scores, and expand financial literacy programmes so that Kenyans can succeed,” Oparanya said.

Outgoing CEO Elizabeth Nkukuu was commended for her “dedicated service and pioneering leadership” in setting up the Fund. Principal Secretary for MSME Development Susan Mangeni described Nkukuu as instrumental in laying the foundation for financial inclusion.

Nkukuu, in her farewell remarks, expressed gratitude for the opportunity to serve. “It has been a privilege to establish and launch the Hustler Fund, which has touched millions of households and businesses. I wish Tanui every success in growing its impact,” she said.

Challenges and repayment concerns

While the Fund has expanded access to credit, challenges remain. Loan repayment has been a central issue, with conflicting figures raising questions about the sustainability of the initiative.

A Kenya Human Rights Commission report released in late 2022, titled Failing the Hustlers, claimed that the default rate stood at 68.3 per cent, meaning about Ksh340 was lost for every Ksh500 disbursed.

President William Ruto, however, disputed those findings, insisting that the repayment rate is above 83 per cent. His government has defended the programme as a crucial lifeline for low-income earners and small-scale entrepreneurs.

In his first statement, Tanui acknowledged these concerns and outlined his priorities. “My focus will be on reengineering our collection processes, strengthening financial literacy, and building ecosystem lending channels that expand our reach and deepen our impact,” he said.

Hustler Fund’s economic role

As of May 2025, more than Ksh70 billion had been disbursed through the Hustler Fund, according to CS Oparanya. The Fund, launched by President Ruto’s administration in November 2022, aims to provide accessible and affordable loans to micro, small, and medium-sized enterprises (MSMEs), while also encouraging a savings culture.

President Ruto himself was the first registered beneficiary of the Fund, which was introduced as part of his campaign promise to expand financial inclusion for ordinary Kenyans. The Fund can be accessed through mobile platforms and USSD codes, making it widely available even to those outside the formal banking system.

During the handover, the Board reaffirmed its commitment to supporting Tanui in addressing repayment bottlenecks and enhancing the sustainability of the initiative.

“The Hustler Fund has laid a foundation for economic transformation by extending credit to millions of Kenyans who were previously excluded. Our task is to build on this momentum and ensure accountability in the years ahead,” the Board said in a statement.

With his appointment, Tanui faces the task of balancing expansion with accountability, improving repayment systems, and strengthening the Fund’s role as a driver of grassroots economic growth.