Kenya’s banking industry has ushered in new leadership following the election of Paul Russo, the KCB Group Chief Executive Officer, as Chairperson of the Kenya Bankers Association (KBA).
Russo’s appointment, confirmed during the association’s Annual General Meeting this afternoon, comes at a moment when lenders face growing pressure to improve credit accessibility and address inclusion gaps in the financial system.
Russo’s elevation to the role signals continuity in the sector’s agenda to expand lending and enhance service delivery.
After his election, Russo set out his vision for the role.
“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," Russo stated.
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"I am keen to deepen the ongoing transformation of the industry to serve our customers better, provide affordable and accessible financial services and effectively catalyse the country’s economic ambitions.”
He also acknowledged the leadership of his predecessor, John Gachora, under whom the sector navigated economic challenges.
“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,” he said.
Gachora’s time as chair saw commercial banks restructure loans and offer moratoriums amounting to Sh1.7 trillion to help businesses and households during the post-pandemic recovery.
He also worked closely with the Central Bank of Kenya to introduce the Kenya Foreign Exchange Code and to revive the interbank forex market.
Beyond stabilisation measures, Gachora championed lending commitments of Sh150 billion annually to micro, small, and medium-sized enterprises.
The sector also advanced inclusion by improving accessibility for persons with disabilities and strengthening its sustainability goals.
Russo brings to the role nearly 25 years of experience across banking and corporate leadership.
His career includes senior positions at KCB Group, National Bank of Kenya, Barclays (now Absa), PwC, EABL, Unga Holdings, and K-Rep Bank (Sidian). He has been honoured with the Elder of the Order of the Burning Spear (EBS) for his contribution to the financial services sector, and he sits on the United Nations Environment Programme Finance Initiative (UNEP-FI) Leadership Council.
The meeting also saw the re-election of Credit Bank Chief Executive Officer, Betty Korir, as KBA Vice Chairperson.
Welcoming the new Chairperson, KBA Chief Executive Officer Raimond Molenje said, “We congratulate Russo on his election and look forward to working together to deliver greater value for the industry and empower the banking public.”
As Russo assumes leadership, the industry’s focus will be on how it translates commitments on affordable credit and inclusion into tangible results for Kenyans.
