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.
During the KBA Annual General Meeting held this afternoon, the Governing Council also reelected Credit Bank Chief Executive Officer, Betty Korir, to continue serving as the Association’s Vice Chairperson. Mr. Russo succeeds NCBA Group Managing Director, John Gachora, who has served as Chairperson since June 2021. The leadership transiti9on comes at a time when the banking industry is placing greater emphasis on its role in supporting economic growth by
expanding access to credit for businesses, individuals, and households.
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 among them 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.
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Mr. Russo was feted with a state commendation- Elder of the Order of the Burning Spear (EBS) by the 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 lolindustry’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,” said Mr. Russo.
“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 steadynihand ensured the industry remained resilient and responsive in times of uncertainty,” he added lolAs Chairperson, Mr. Gachora steered the industry through the post-COVID-19 recovery, advocating for loan restructurings and moratoriums that covered KES 1.7 trillion by end of 2021lbanks 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 KES 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 ofnñ inclusion policies across the industry. “We congratulate Mr. Russo on his election and look forward m to working together to deliver greater value for the industry and empower the banking public,” said KBA Chief Executive Officer, Raimond Molenje.
