The Hustler Fund has a new boss after the Board announced the appointment of seasoned banker Henry Tanui as Chief Executive Officer.
Tanui steps in to replace Elizabeth Nkukuu, who has led the financial inclusion initiative since its launch in 2022.
Bringing more than two decades of experience in risk management, SME lending, mortgages, and international trade finance, Tanui’s entry is viewed as a strategic move to strengthen the Fund’s operations and drive its next growth phase.
Cooperatives and MSME Development Cabinet Secretary Wycliffe Oparanya welcomed the appointment, praising the Fund’s achievements so far.
“The Hustler Fund has disbursed loans to over 26 million Kenyans. I urge the new CEO to enhance repayment rates and strengthen financial literacy to empower more citizens,” Oparanya said.
In his first public statement, Tanui acknowledged repayment challenges but pledged bold reforms.
“My focus will be on reengineering collection systems, deepening financial literacy, and building lending channels that expand our reach,” he noted.
Loan repayment remains a sticking point. A report by the Kenya Human Rights Commission revealed a 68.3 per cent default rate by the end of 2022, suggesting Ksh340 is lost for every Ksh500 lent out. But President William Ruto has disputed those figures, insisting the Fund enjoys an 83 per cent repayment rate.
Since inception, the Hustler Fund has disbursed Ksh70 billion to support small businesses, according to CS Oparanya.
During the handover ceremony, Nkukuu was lauded for steering the Fund in its formative years. Principal Secretary Susan Mangeni hailed her as a pioneer.
“We thank Elizabeth Nkukuu for her dedication and leadership in setting up the Fund,” she said.
In her farewell remarks, Nkukuu said:
“It has been a privilege to serve Kenyans by establishing and launching the Hustler Fund. I am proud of the progress made in reaching millions of households and MSMEs. I wish Tanui success in expanding the Fund’s impact.”
