Paul Russo, the Chief Executive Officer of KCB Group, has been elected Chairperson of the Kenya Bankers Association (KBA), taking over from John Gachora.

His appointment was confirmed during the Association’s Annual General Meeting and comes at a time when the banking sector is under growing pressure to improve access to credit and promote financial inclusion.

In his acceptance speech, Russo shared his vision for the industry, pledging to advance ongoing reforms and strengthen the sector’s role in national development.

\“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,” he said.

“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 paid tribute to outgoing Chair Gachora, who led the industry through a challenging economic period.

“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,” said Russo.

Gachora’s tenure saw the banking sector restructure loans and offer moratoriums worth Sh1.7 trillion to support households and businesses during the post-pandemic recovery.

He collaborated with the Central Bank of Kenya to launch the Kenya Foreign Exchange Code and revive the interbank forex market. He also championed an annual lending target of Sh150 billion to micro, small, and medium-sized enterprises and pushed for greater inclusion by improving access for persons with disabilities and reinforcing sustainability goals.

Russo takes over with nearly 25 years of experience in the banking and corporate sector. His career includes senior roles at KCB Group, National Bank of Kenya, Barclays (now Absa), PwC, EABL, Unga Holdings, and K-Rep Bank (Sidian).

He is a recipient of the Elder of the Order of the Burning Spear (EBS) award and serves on the United Nations Environment Programme Finance Initiative (UNEP-FI) Leadership Council.

During the AGM, Betty Korir, Chief Executive Officer of Credit Bank, was also re-elected as KBA Vice Chairperson.

KBA Chief Executive Officer Raimond Molenje welcomed the new leadership, saying, “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 takes the helm, attention will now shift to how the banking sector will deliver on its pledges for affordable credit and broader inclusion for Kenyans.