Cooperatives and MSME Cabinet Secretary Simon Chelugui on Friday presided over the inauguration of the Hustler Fund board.
This comes following the 'vetting' and subsequent approval of the nominees by the relevant state agencies.
President William Ruto named Irene Karimi as the board chairperson in a Gazzete notice dated January 20.
Other members are Lawrence Chelimo, Paul Musyimi and Hardlyne Lusui.
The board is also made up of three other persons who are not public officers and a Fund’s administrator who is an ex-officio member.
It is expected to, "provide oversight on the administration of the financial inclusion fund" launched on November 30 last year by the president.
Speaking during the event, the CS recognised the role the private sector has continued to play in the management of the fund.
"The Ministry has been providing help, guidance, and executing the various mandates of the fund and we have made significant strides so far," he said.
He added:
"Let me mention that the private sector has supported the running of the fund but the full oversight has been done by the ministry whose mandate we shall be delegating to you today as the board."
KCB and Family Banks, he stated, have been the custodians while Safaricom, Airtel and Telcom as mobile network operators.
Zamarra has been approached as the savings plan administrator.
Safaricom also offers technological services.
Meanwhile, Chelugui has disclosed that Sh23.2 billion had been disbursed by the close of business Thursday.
Some 19,310,442 people had opted in with the total repayment standing at Sh13.6 billion as savings hit Sh1.1billion
