KCB boss Paul Russo elected chairperson of Kenya Bankers Association

KCB Group Chief Executive Officer, Paul Russo, has been elected Chairperson of the Kenya Bankers Association (KBA), the umbrella body representing Kenya’s commercial banking sector.

His election was confirmed during the Association’s Annual General Meeting.

Russo succeeds NCBA Group Managing Director John Gachora, who had served in the position since June 2021.

In a statement, KBA noted that the leadership transition comes at a pivotal time for the banking sector, which is increasingly focused on supporting economic growth through expanded access to credit for businesses, individuals, and households.

The Association also confirmed that Credit Bank CEO, Betty Korir, had been re-elected as Vice Chairperson.

“We congratulate Russo on his election and look forward to working together to deliver greater value for the industry and empower the banking public,” said KBA Chief Executive Officer Raimond Molenje.

A member of the KBA Governing Council, Russo brings nearly 25 years of experience in strategic and executive roles across the financial sector. His previous positions include KCB Group Director for Regional Businesses, Group HR Director, and Managing Director of National Bank of Kenya. He has also worked with institutions such as Barclays (now Absa), PwC, K-Rep Bank (now Sidian), EABL, and Unga Holdings.

In recognition of his contributions to the financial sector, Russo was awarded the Elder of the Order of the Burning Spear (EBS) by the President.

He also serves on the United Nations Environment Programme Finance Initiative (UNEP-FI) Leadership Council, where he collaborates with global leaders to promote sustainability in finance.

“It is an honour to serve the industry in this capacity. I thank my peers for their confidence and reaffirm my commitment to working with all stakeholders to strengthen our industry’s contribution to national development,” said Russo following his election.

“I am keen to deepen the ongoing transformation of the sector to better serve our customers, deliver affordable and accessible financial services, and effectively support the country’s economic ambitions.”

He also expressed appreciation for his predecessor. “I extend 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.”

Outgoing Chairperson Gachora was credited with steering the sector through the post-COVID-19 recovery. His tenure saw the restructuring of loans totalling Sh1.7 trillion by the end of 2021.

He was also instrumental in addressing foreign exchange pressures, working with the Central Bank of Kenya to implement the Kenya Foreign Exchange Code and revitalise the interbank forex market.

Gachora further championed increased annual lending to micro, small and medium-sized enterprises (MSMEs) by Sh150 billion, advanced sustainability initiatives, and oversaw the rollout of the Persons with Disabilities Accessibility Project, which improved inclusivity and service delivery across the industry.