Paul Russo Elected Chairperson of the Kenya Bankers Association

Paul Russo, the Chief Executive Officer of KCB Group PLC, has been elected as the new Chairperson of the Kenya Bankers Association (KBA), succeeding John Gachora, who held the position since June 2021.

This leadership change comes at a pivotal time for the banking industry, which is increasingly focused on expanding access to credit for both businesses and individuals to foster sustainable economic growth in Kenya.

“It’s an honor to serve the industry in this capacity. I thank my colleagues for their confidence and commit to working collaboratively with all stakeholders to enhance our contribution to national development,” stated Mr. Russo during his acceptance speech.

With nearly 25 years of experience in executive roles across various banking institutions, Mr. Russo brings a wealth of expertise to his new role. He is not only the CEO of KCB Group but also serves on the Boards of several subsidiaries, including KCB Bank Kenya, National Bank of Kenya (NBK), KCB Investment Bank, KCB Foundation, BPR Bank Rwanda Plc, and Trust Merchant Bank (TMB). Furthermore, he is a member of the KBA Governing Council, which plays a crucial role in shaping banking policy and advocacy in Kenya.

In addition to his banking responsibilities, Mr. Russo is actively involved in national development initiatives. He is a member of the National Investment Council and serves on the Presidential Taskforce for the establishment of a National Lottery. He is also part of the National Steering Committee on Drought Response, appointed by President William Ruto. Additionally, he contributes to the Steering Committee for the World Rally Championship (WRC) Safari Rally Project, promoting Kenya’s tourism and sporting events.

He expressed sincere gratitude to Mr. Gachora for his leadership during the challenging times of the COVID-19 pandemic, which helped to ensure the stability and resilience of the banking sector. Under Mr. Gachora’s stewardship, banks committed KES KES 150 billion in new loans specifically aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) and initiated the Persons with Disabilities Accessibility Project to enhance inclusivity and accessibility in banking services.

“We congratulate Mr. Russo on his election and look forward to working together to empower the banking public,” said KBA Chief Executive Officer Raimond Molenje, highlighting the association’s commitment to driving initiatives that benefit the wider community.

Founded on July 16, 1962, the KBA represents 46 commercial banks in Kenya and operates under the regulation of the Central Bank of Kenya. Its core mission is to promote a stable and inclusive banking environment while driving financial sector development through initiatives such as Pesalink, which is Kenya’s first peer-to-peer digital payment platform. This platform aims to enhance the efficiency of financial transactions and broaden financial inclusion across the country.