Commercial banks have elected KCB Group Chief Executive Officer, Paul Russo, as the new Chairperson of the Kenya Bankers Association (KBA), the umbrella body of the banking industry. Russo succeeds NCBA Group Managing Director, John Gachora, who has served as Chairperson since June 2021.
During the KBA Annual General Meeting, the Governing Council also re elected Credit Bank Chief Executive Officer, Betty Korir, to continue serving as the Association’s Vice Chairperson.
The leadership transition comes at a time when the banking industry is placing greater emphasis on its role in supporting economic growth by expanding access to credit. The new leadership is expected to continue championing this agenda, alongside advancing innovation and financial inclusion.
Mr. Russo, a member of the KBA Governing Council has held other senior roles in banking. They include KCB Group Director Regional Business, KCB Group HR Director, and Managing Director, National Bank of Kenya among others. A seasoned HR practitioner, he brings close to 25 years of experience across executive and strategic positions. His corporate experience spans leading institutions such as Barclays (Absa), PwC, K-Rep Bank (Sidian), EABL, and Unga Holdings.
Mr. Russo received a state commendation, Elder of the Order of the Burning Spear (EBS), from Kenya’s President for his contribution in Kenya’s financial services sector. He also serves in the United Nations Environment Programme Finance (UNEP-FI) Leadership Council, joining other global leaders in mainstreaming and deepening sustainability integration across the financial industry.
“It’s an honour to serve the industry in this capacity. I thank my counterparts for their confidence and reaffirm my commitment to working with all stakeholders to strengthen our industry’s contribution to national development. I am keen to deepen the ongoing transformation of the industry to serve our customers better, provide affordable and accessible financial services and effectively catalyze the country’s economic ambitions. I express my sincere gratitude to my predecessor, John Gachora, for his commendable leadership during one of the most challenging periods for the banking sector. His steady hand ensured the industry remained resilient and responsive in times of uncertainty.”
As Chairperson, Gachora steered the industry through the post-COVID-19 recovery, advocating for loan restructurings and moratoriums that covered Ksh. 1.7 trillion by end of 2021. He played a leading role in addressing foreign exchange pressures by fostering collaboration between banks and the Central Bank of Kenya, leading to the adoption of the Kenya Foreign Exchange Code and the revival of the interbank forex market.
Under his leadership, banks committed Ksh. 150 billion in new loans annually to MSMEs, embraced ambitious sustainability goals, and rolled out the Persons with Disabilities Accessibility Project, which transformed service delivery and led to the broader adoption of inclusion policies across the industry.
The Kenya Bankers Association (KBA) is the umbrella body for all commercial banks in Kenya, regulated by the Central Bank of Kenya (CBK). It was established on 16th July 1962 and it represents 46 member institutions with assets exceeding Ksh. 7.7 trillion. The Association’s core mandate is to champion a stable, competitive, and inclusive banking industry by influencing legislation, regulation, and policy to enhance access to affordable credit for individuals, households, and businesses.