Henry Tanui has been appointed the Chief Executive Officer for the Financial Inclusion Fund, popularly known as the Hustler Fund.

Tanui succeeds Elizabeth Nkukuu, who has led the Fund since its inception.

The handover ceremony was held on Wednesday, September 3, 2025, at the KIBT Building in Nairobi, presided over by Cabinet Secretary for Cooperatives and MSME Development, Wycliffe Oparanya.

Nkukuu’s legacy and transition

Nkukuu exits after two and a half years at the helm, during which she oversaw the establishment and rapid growth of the Hustler Fund. The board praised her for “dedicated service and pioneering leadership, which established a strong foundation for the Fund.”

Her tenure saw the disbursement of more than Ksh 72 billion to over 26 million Kenyans, a milestone President William Ruto highlighted during a meeting with grassroots leaders at State House earlier this week.

“Hustler Fund is larger than most banks. There is no other bank with that kind of customer base,” the president said, noting that the fund has touched households through small but critical loans.

In her parting remarks, Nkukuu expressed gratitude for the opportunity to serve.

“It has been a privilege to lead Kenyans by establishing and launching the Hustler Fund. I am proud of the progress we have made, and I warmly congratulate Mr Tanui, wishing him success in expanding the Fund’s impact,” she said.

Tanui’s vision and experience

Tanui brings over 24 years of experience in the financial sector, having held senior roles at Ecobank, Consolidated Bank of Kenya, and the Industrial and Commercial Development Bank of Kenya. His expertise spans risk management, MSME lending, personal lending, mortgages, and international trade finance.

Expressing optimism about the road ahead, Tanui said, “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.”

Principal Secretary for MSME Development, Susan Mang’eni, lauded the Fund’s progress, noting that more than nine million Kenyans have improved credit histories thanks to the initiative. “Through the Hustler Fund, Kenyans are now more capable of accessing financing from mainstream financial institutions,” she said.

Impact, debates

While Hustler Fund has been celebrated as a flagship of financial inclusion, it has also faced criticism. The Kenya Human Rights Commission recently described it as unsustainable and politically driven, a claim Mang’eni dismissed as “malicious and unprofessional.”

She stressed that the Fund disburses Ksh68 million daily in personal loans and Ksh 27 million in bridge products, proving its impact.

Beyond financial inclusion, President William Ruto used the State House meeting to announce that the government will begin covering Social Health Authority contributions for 1.5 million Kenyans who cannot afford payments.

“No family should have to sell property or livestock to pay hospital bills,” he said.

As Tanui takes over leadership, the Hustler Fund enters a new phase where the focus will be not only on disbursement but also on repayment culture, sustainability, and empowering Kenyans with stronger financial literacy and access to mainstream credit.