In a notable leadership shift within Kenya’s financial services sector, KCB Group Chief Executive Officer Paul Russo has been elected Chairperson of the Kenya Bankers Association (KBA), the umbrella body representing the country’s commercial banks. His election was confirmed during the Association’s Annual General Meeting held earlier today. Russo’s appointment marks the beginning of a new chapter for KBA, as the industry continues to align more deliberately with national development goals through expanded access to financial services.
At the same meeting, Credit Bank CEO Betty Korir was re-elected as Vice Chairperson of the Association. Her continued service in this role underscores a level of stability in the Association’s leadership, even as it prepares for a more dynamic policy and innovation-driven era under Russo’s stewardship.
A Vision for Inclusive, Accessible, and Affordable Banking
Taking office at a time when Kenya’s banking industry is increasingly expected to play a catalytic role in economic growth, Russo brings a forward-looking and inclusive vision to the role. Speaking shortly after his election, Russo expressed deep appreciation to his fellow banking leaders for the trust placed in him and pledged to focus on deepening access, affordability, and customer-centric transformation across the sector.
“It’s an honour to serve the industry in this capacity,” he said. “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.” He added that he is particularly focused on continuing the transformation of the banking sector to better serve customers, expand access to affordable financial services, and effectively catalyze Kenya’s broader economic ambitions.
Russo, who currently leads one of East Africa’s largest banking institutions by assets, brings to the KBA Chairmanship nearly 25 years of experience across banking, corporate strategy, and human capital management. His tenure at KCB Group has seen him occupy key leadership roles including Group Director for Regional Businesses, Group Human Resources Director, and Managing Director at National Bank of Kenya. Before joining KCB, Russo held executive positions at Barclays Bank (now Absa), PwC, K-Rep Bank (now Sidian Bank), East African Breweries Limited (EABL), and Unga Holdings, developing a rich cross-sectoral understanding of leadership in both finance and industry.
His contribution to Kenya’s financial services sector was recognised nationally when he was awarded the Elder of the Order of the Burning Spear (EBS) by the President of the Republic of Kenya. He also serves on the United Nations Environment Programme Finance Initiative (UNEP-FI) Leadership Council, where he joins global banking leaders in advancing sustainability integration and responsible finance across the world’s financial systems.
John Gachora’s Legacy: Resilience, Recovery, and Reform
Paul Russo takes over from John Gachora, Managing Director of NCBA Group, who has served as KBA Chairperson since June 2021. Gachora’s tenure coincided with one of the most challenging periods in recent memory for the banking sector, coming in the immediate aftermath of the COVID-19 pandemic.
Under his leadership, the industry quickly pivoted to offer structured support to both businesses and individuals impacted by the economic disruption. By the end of 2021, commercial banks in Kenya had restructured loans and granted moratoriums totalling KES 1.7 trillion, a critical intervention that helped preserve liquidity and maintain public confidence in the financial system.
Gachora also played a pivotal role in stabilizing Kenya’s foreign exchange market. Working closely with the Central Bank of Kenya, he championed the development and adoption of the Kenya Foreign Exchange Code and the revival of the interbank forex market—measures that restored order and transparency to an area of growing macroeconomic concern.
Pearl Bank CFO Peter Ssenyange (CFO of the Year 2025) on Culture and the Modern Financial Leader's Purpose Equally significant was his leadership in promoting lending to Micro, Small and Medium Enterprises (MSMEs). During his term, banks committed to disbursing KES 150 billion in new loans annually to MSMEs, reinforcing the industry’s role in supporting grassroots entrepreneurship and inclusive growth. Gachora also oversaw the rollout of the Persons with Disabilities (PWDs) Accessibility Project, which transformed service delivery by mainstreaming inclusion policies across the industry and improving access to banking services for persons with disabilities.
His time at the helm saw banks adopt bolder sustainability goals, aligning their strategies with global environmental and social governance standards. This marked a turning point in how banks in Kenya engage with climate finance, ethical lending, and long-term value creation.
In his remarks, Russo paid tribute to his predecessor, stating, “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.”
A New Chapter for Kenya’s Banking Sector
As Chairperson, Paul Russo is expected to guide the Association through a new era of innovation, inclusion, and policy engagement. Among the top priorities for the banking industry are the expansion of credit access to underserved market segments, the acceleration of digital transformation, and the reinforcement of data protection and cybersecurity capabilities. The sector is also keen to embed sustainability at the core of financial operations, promote cost-effective lending practices, and enhance regional integration to support Kenya’s position as a financial hub in East Africa.
Russo’s appointment is widely seen as a continuation of bold and adaptive leadership within KBA. His deep grounding in human capital and institutional transformation positions him well to lead industry-wide dialogue on critical matters such as credit accessibility, regulatory alignment, and digital financial infrastructure.
Commenting on the leadership transition, KBA Chief Executive Officer Raimond Molenje congratulated the new Chairperson and reaffirmed the Association’s commitment to working collaboratively with member banks to deliver value for the industry and the broader banking public.
“We congratulate Mr. Russo on his election and look forward to working together to deliver greater value for the industry and empower the banking public,” said Molenje.
As Kenya navigates a complex economic landscape shaped by both local challenges and global uncertainties, the banking sector remains a central pillar in the country’s journey toward sustainable growth. With Paul Russo now at the helm of the Kenya Bankers Association, stakeholders will be watching closely to see how the industry under his leadership rises to the moment.
