NAIROBI, Kenya – The Board of the Financial Inclusion Fund (Hustler Fund) has announced the appointment of Henry Tanui as the Chief Executive Officer (CEO) for a renewable term of three years.
Tanui takes over from Elizabeth Nkukuu, who has been heading the Fund since its inception.
In a statement seen by Nine News, the Board acknowledged Nkukuu’s dedicated service and pioneering leadership
“It is through him that the government established a strong foundation for the Fund,” the statement reads in part.
Nine News understands that Tanui is an experienced financial services professional with over 24 years in the industry.
He has broad expertise in Risk Management, MSME Lending, Business Lending, Personal Lending, Mortgages, and International Trade Finance.
Tanui has held senior roles at Ecobank, Consolidated Bank of Kenya, and the Industrial and Commercial Development Bank of Kenya.
“His extensive background has given him a deep understanding of Kenya’s economic development and the vital part that financial services play in promoting inclusive growth,” the statement further reads.
What did CS Wycliffe Oparanya say about the Hustler Fund
Speaking during the handover, Cabinet Secretary for Cooperatives and MSME Development, Wycliffe Oparanya, commended the role of the Fund in the country’s socio-economic agenda.
“The Financial Inclusion Fund has already provided affordable credit to more than 26 million Kenyans. As we look ahead, I encourage the Hustler Fund team to enhance their efforts in promoting timely repayments to improve credit scores and to expand financial literacy programmes that support Kenyans in succeeding,” CS Oparanya said.
Principal Secretary for MSME Development, Susan Mangeni, who also attended the handover event, highlighted the Fund’s impact in enhancing financial inclusion.
“Through the Hustler Fund, over nine million Kenyans now have improved credit histories and are more capable of accessing financing from mainstream financial institutions. We extend our gratitude to Elizabeth Nkukuu for her steady leadership in establishing the Fund and guiding it through its early stages,” Mangeni said.
How Henry Tanui and Elizabeth Nkukuu reacted to the development
Speaking about his appointment, Tanui expressed optimism about the Fund’s future.
“The Hustler Fund has already proven to be catalytic in supporting livelihoods and economic growth. 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,” said Tanui.
The outgoing CEO, Nkukuu, expressed her gratitude for the opportunity to serve and congratulated her successor.
“It has been a privilege to serve Kenyans by establishing and launching the Hustler Fund. I am proud of the progress we have made in reaching millions of households and MSMEs. I warmly congratulate Tanui and wish him every success in expanding the Fund’s impact in the years ahead,” Nkukuu said.
President William Ruto reiterated on Tuesday, September 2, 2025, that the Hustler Fund’s accessible loans had significantly improved the lives of underprivileged Kenyans.
The head of state said in a statement that the fund had distributed Sh72 billion to regular Kenyans, such as jua kali craftsmen, mama mbogas, and boda boda riders, since it was established in November 2022.
How President Ruto confronted Hustler Fund’s critics
Critics who questioned how loans as modest as Sh500 might change lives were disregarded by the president.
“There are some rich people who are so arrogant. I recently saw them issuing a statement at Serena (hotel) saying that the Hustler Fund should be scrapped. Someone takes tea worth Sh2,000 at Serena and asks how Sh1,000 will help anyone,” Ruto said. “They don’t know that Sh1,000 can purchase stock for someone to do business and progress.”
Nine News knows that on November 30, 2022, President Ruto established the Hustler Fund to lend money to Kenyans. The fund offers start-up, microbusiness, personal, and SME loans.
President Ruto claimed that the revolving fund’s first funding pool of Sh50 billion was intended to free Kenyans from exploitative lenders.
However, critics, including the Kenya Human Rights Commission (KHRC), have called for the disbandment of the facility, saying it has failed in its financial inclusion objective given the losses and high default rates.
“Evidence has further shown that there has been a significant misallocation of public funds via the Hustler Fund, with a default rate of 68.3 per cent, a net loss of 71.5%, and an opaque governance structure flagged by the Auditor General,” the KHRC said in August 2025 following a study dubbed Failing the Hustlers.
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